CIT, PPT, VAT, EMTL Pushed up December Federation Account Revenue to N1.674tn

•FAAC disburses N1.127tn to FG, States, LGs

Ndubuisi Francis in Abuja

A significant increase in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL pushed total receipts into the Federation Account up in December 2023 to N1,674.230 trillion from N1,620.335 trillion in the preceding month of November, the Federation Account Allocation Committee (FAAC), has disclosed.

This translates to an increase of N538.95 billion.

However, while CIT, Excise Duty, PPT), VAT and EMTL posted significant rise, Oil and Gas Royalties decreased substantially, just as import duty and Common External Tariffs (CET) Levies dropped marginally.    

FAAC made the disclosure in Abuja Tuesday as it disbursed a total sum of N1,127. 408 trillion to the federal government, states and local government councils as December 2023 revenue from the gross revenue of  N1,674.230 trillion.

The shared amount is N546.822 billion higher  the gross revenue of N1,674.230 trillion available in the reference month.

The disbursed amount was also higher than a total sum of N1,088.783 trillion shared by the three tiers of government as federation allocation for the preceding month of November, 2023 from a gross total of N1, 620.335 trillion.

Citing the communique issued at the end of the FAAC meeting which held in Abuja, the Director (Press and Public Relations), Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa said the N1,127.408 trillion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.  

According to the communique, the meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

 Total deductions for cost of collection was N62.254 billion, while total transfers, interventions and refunds accounted for N484.568 billion.  

Gross statutory revenue of N875.382 billion was received for the month of December 2023, an amount  lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion. 

The gross revenue available from the VAT in December 2023 was N492.506 billion.  This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion.  

The communique stated that from the N1,127.408 trillion total distributable revenue, the federal government received a total of N383.872 billion, the states received N396.693 billion while the local Government councils received N288.928 billion.

The sum of N57.915 billion was shared to the benefiting states as 13 per cent derivation revenue.

The federal government also received N173.729 billion from the N363.188 billion distributable statutory revenue, states got N88.118 billion and the local government councils received N67.935 billion while the sum of N33.406 billion was shared to the benefiting states as 13 per cent derivation revenue.

The federal government received N68.793 billion, states got N229.311 billion while the local government councils received N160.518 billion from the N458.622 billion distributable VAT revenue.

Similarly, the N17.855 billion Electronic Money Transfer Levy (EMTL) was shared with the federal government receiving N2 .678 billion, the state governments received N8.928 billion and the local government councils got N6.249 billion.

The federal government equally 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 was shared to the benefiting states as 13 per cent derivation revenue.

According to the communique,  the  balance in the Excess Crude Account (ECA) was $473,754.57 as at January 23, 2024.