The Federation Account Allocation Committee says in December 2023, it distributed N1.13 trillion in profits to the Federal Government, State Governments, and Local Government Councils.
The N1.08 trillion distributed to each state in November is N500 billion less than this.
According to a press release issued by the FAAC following its January 2024 meeting, which was presided over by Dr. Oluwatoyin Madein, the Accountant General of the Federation, distributable statutory revenue totaled N363.188 billion, distributable value added tax revenue totaled N458.622 billion, revenue from the Electronic Money Transfer Levy was N17.855 billion, and revenue from exchange differences was N287.743 billion.
Madein also stated that N57.92 billion, or 13% of mineral revenue, was distributed to the beneficiary States as derivation money. Madein was cited in a statement released on Tuesday by Bawa Mokwa, the director of press and public relations.
A total revenue of N1,674.230 billion was available in December 2023, according to the communiqué.
Recall that the federation account started to see an increase in revenue once the present administration eliminated subsidies and unified the nation’s currency rate.
According to the communique:
“The N1.13trn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.
“Total deductions for cost of collection was N62.254 billion; total transfers, interventions, and refunds was N484.568 billion.
“Gross statutory revenue of N875.382 billion was received for the month of December 2023. This was lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion.
“A total sum of N57.915 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“From the N363.188 billion distributable statutory revenue, the Federal Government received N173.729 billion, the State Governments received N88.118 billion and the Local Government Councils received N67.935 billion. The sum of N33.406 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
“The Federal Government received N68.793 billion, the State Governments received N229.311 billion and the Local Government Councils received N160.518 billion from the N458.622 billion distributable Value Added Tax revenue.
“The N17.855 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.678 billion, the State Governments received N8.928 billion and the Local Government Councils received N6.249 billion.
“The Federal Government 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 (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“In the month of December 2023, Companies Income Tax, Excise Duty, Petroleum Profit Tax, Value Added Tax, and Electronic Money Transfer Levy increased significantly, while Oil and Gas Royalties decreased substantially. Import Duty and CET Levies decreased marginally.
“The balance in the ECA was $473,754.57.”
cc: Punch Ng
