FAAC Allocates N1.127trn to FG, States, LGAs From December Revenue

The Federation Account Allocation Committee (FAAC) has given the nod for the distribution of N1,127.408 trillion to the federal, state, and local governments for December 2023, from a total gross revenue of N1,674.230 trillion.

In the breakdown, the federal government received N383.872 billion, the states got N396.693 billion, local government areas received N288.928 billion, and the oil producing states received N57.915 billion as Derivation (13 per cent of mineral revenue).

The communique issued after the meeting chaired by the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, also revealed that N62.254 billion was allocated to revenue-generating agencies for the cost of collection, and N484.568 billion was earmarked for transfers intervention and refunds.

The VAT for December 2023 increased to N492.506 billion, up from N360.455 billion in the preceding month, resulting in an increase of N132.051 billion.

The gross statutory revenue of N875.382 billion received in December was slightly lower than the N882.560 billion received in November 2023.

From the total, N470.384 billion was allocated for transfers, intervention, and refunds, with the remaining balance of N363.188 billion distributed to the three tiers of government. Additionally, N287.743 billion from exchange difference was shared among the federal government, States, local government areas, and derivation.

The total revenue distributable for December 2023 stood at N1,127.408 trillion.

The Excess Crude Account (ECA) balance as of January 23, 2024, is $473,754.57.