The Federation Account Allocation Committee (FAAC) has announced that the Federal Government, States, and Local Government Councils shared a total sum of N1.13 trillion revenue in December 2023.
The amount is N500 billion more than the amount shared in November.
The total distributable revenue comprised of different sources such as statutory revenue, Value Added Tax revenue, Electronic Money Transfer Levy revenue, and Exchange Difference revenue.
The Federal Government received NN173.729 billion, the State Governments received N88.118 billion, and Local Government Councils received N67.935 billion from the distributable statutory revenue of NN363.188 billion.
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From the NN458.622 billion distributable Value Added Tax revenue, the Federal Government received NN138.672 billion, the State Governments received NN229.311 billion, and the Local Government Councils received NN160.518 billion.
In addition, a total sum of N57.92 billion was shared to the benefiting States as derivation revenue.
Notably, the federation account began to enjoy more revenue following the removal of subsidies and unification of the country’s exchange rate by the current administration.
The FAAC also stated that in December 2023, Companies Income Tax, Excise Duty, Petroleum Profit Tax, Value Added Tax, and Electronic Money Transfer Levy increased significantly, while Oil and Gas Royalties decreased substantially.
Import Duty and CET Levies decreased marginally. It added that the balance in the ECA was $473,754.57.
FAAC said:
“The N1.13trn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.
“Total deductions for cost of collection was N62.254 billion; total transfers, interventions, and refunds was N484.568 billion.
“Gross statutory revenue of N875.382 billion was received for the month of December 2023. This was lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion.
“A total sum of N57.915 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“From the N363.188 billion distributable statutory revenue, the Federal Government received N173.729 billion, the State Governments received N88.118 billion and the Local Government Councils received N67.935 billion.
“The sum of N33.406 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
“The Federal Government received N68.793 billion, the State Governments received N229.311 billion and the Local Government Councils received N160.518 billion from the N458.622 billion distributable Value Added Tax revenue.
“The N17.855 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.678 billion, the State Governments received N8.928 billion and the Local Government Councils received N6.249 billion.
“The Federal Government received N138.672 billion from the N 287.743 billion Exchange Difference revenue.
“The State Governments received N70.336 billion, and the Local Government Councils received N54.226 billion. The sum of N24.509 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“In the month of December 2023, Companies Income Tax, Excise Duty, Petroleum Profit Tax, Value Added Tax, and Electronic Money Transfer Levy increased significantly, while Oil and Gas Royalties decreased substantially. Import Duty and CET Levies decreased marginally.
“The balance in the ECA was $473,754.57.”
