Monthly Allocation: FAAC Shares N1.149tn to FG, States, LGs

Ndubuisi Francis in Abuja

The Federation Account Allocation Committee (FAAC) yesterday shared a total sum of N1.149 trillion (N1,149.816 trillion) as January 2024 Federation Account Revenue to the three tiers of government.
The amount shared was less that the
gross statutory revenue of N1,151.808 trillion received for the month of January 2024, and also higher than the sum of N875.382 billion received in the month of December 2023 by N 276.426 billion.

Citing a communique issued at the end meeting presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, a statement from the Office of the Accountant General of the Federation explained that the total distributable revenue shared for the month of January comprised distributable statutory revenue of N463.079 billion, distributable Value Added Tax (VAT) revenue of N391.787 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.  

The communique stated that from the N1,149.816 billion total distributable revenue, the federal government received a total of N407.267 billion, the state governments received N379.407 billion and the local governments received N278.041 billion.
A total sum of N85.101 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N463.079 billion distributable statutory revenue, the federal government received N216.757 billion, the state governments received N109.942 billion and the local government councils received N84.761 billion.

The sum of N51.619 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
The federal government received N58.768 billion,  States received N195.894 billion while the local government councils received N137.125 billion from the N391.787 billion distributable Value Added Tax (VAT) revenue.

The N15.922 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the federal government received N2.388 billion, the State Governments received N7.961 billion and the local government councils received N5.573 billion.
The federal government received N129.354 billion from the N 279.028 billion Exchange Difference revenue.  The state governments received N65.610 billion, and the local government councils received N50.582 billion.

 The sum of N33.482 billion (13 per cent mineral revenue) was shared to the benefiting states as derivation revenue.
From the N463.079 billion distributable statutory revenue, the federal government received N216.757 billion, the state governments received N109.942 billion and the local government councils received N84.761 billion.

The sum of N51.619 billion (13 per cent mineral revenue) was shared to the benefiting states as derivation revenue.
The federal government received N58.768 billion, the state governments received N195.894 billion and the local government councils received N137.125 billion from the N391.787 billion distributable Value Added Tax (VAT) revenue.
The N15.922 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the federal government received N2.388 billion, states got  N7.961 billion and the local government councils received N5.573 billion.

Similarly, the federal government received N129.354 billion from the N 279.028 billion Exchange Difference revenue.
State governments received N65.610 billion, and the local governments  received N50.582 billion.
The sum of N33.482 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
In the month of January 2024, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased significantly, while VAT), Export Duty, Electronic Money Transfer Levy (EMTL) and  CET Levies decreased considerably.    
The balance in the ECA stood at  $473,754.57 as of February 22, 2024.