By Akinsuroju Olubunmi
December revenue distribution: FG, States, LGs share N1.13 Trillion.
In a recent development, the Federation Account Allocation Committee (FAAC) has disclosed the distribution of a total sum of N1.13 trillion in December 2023 among the Federal Government, States, and Local Government Councils. This marked an increase of N500 billion compared to the N1.08 trillion shared with each state in November.
During its January 2024 meeting, FAAC outlined that the N1.13 trillion total distributable revenue consisted of various components, including statutory revenue, Value Added Tax revenue, Electronic Money Transfer Levy revenue, and Exchange Difference revenue.
Chairing the meeting, Dr. Oluwatoyin Madein, the Accountant General of the Federation, highlighted that a total of N57.92 billion (13% of mineral revenue) was shared as derivation revenue to benefiting states.
The detailed breakdown of the distribution revealed that the Federal Government received N383.872 billion, State Governments received N396.693 billion, and Local Government Councils received N288.928 billion. The statement also noted the substantial increase in Companies Income Tax, Excise Duty, Petroleum Profit Tax, Value Added Tax, and Electronic Money Transfer Levy, while Oil and Gas Royalties decreased substantially.
Despite the positive financial shift, FAAC reported a decrease in the balance of the Excess Crude Account (ECA) to $473,754.57.
Revenue Distribution, FAAC