FAAC shares N 1.149trn among FG, states, LGCs for January

By Biola Adebayo On Feb 23, 2024

FAAC, Wale Edun, states, January — FAAC shares N 1.149trn among FG, states, LGCs for January

The Federation Account Allocation Committee (FAAC), has shared the sum of N1.149 trillion in revenue among the Federal Government, states, and Local Government Councils (LGCs) for January.

The revenue was shared at the February meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

According to a communique issued by FAAC, the N1,149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, and Value Added Tax (VAT) revenue of N391.787 billion

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

“The total revenue of N2,068 trillion was available in the month of January 2024.

According to the communique, the total deductions for cost of collection is N78.412 billion, total transfers, interventions, and refunds is N639.926 billion and savings is N200.000 billion.

The communique said the gross statutory revenue of N1,151 trillion was received for the month of January.

” This is higher than the sum of N875.382 billion received in the month of December 2023 by N276.426 billion,” the communique said.

It said that the gross revenue available from VAT was N420.733 billion, which was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.

The communique said that from the N1,149 trillion total distributable revenue, the Federal Government received N407.267 billion, the state governments received N379.407 billion and the LGCs received N278.041 billion.

It said that the sum of N85.101 billion (13 percent 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 LGCs received N84.761 billion.

It said the sum of N51.619 billion (13 percent of mineral revenue) was shared among the benefiting states as derivation revenue.

It said that from the N391.787 VAT revenue, the Federal Government received N58.768 billion, the state governments received N195.894 billion and the LGCs received N137.125 billion.

“The N15.922 billion EMTL has been shared as follows:

“The Federal Government received N2.388 billion, the state governments received N7.961 billion and the LGCs 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 LGCs received N50.582 billion.

“The sum of N33.482 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

According to the communique, in the month of January, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax, and Oil and Gas Royalties increased significantly, while VAT, Export Duty, EMTL, and CET Levies decreased considerably.

It said that the balance in the Excess Crude Account was 473.754 million dollars. (NAN)