Business a.m
The Federation Account Allocation Committee has disclosed that N1.13 trillion was disbursed to the federal government, states, and local government councils in December 2023. This represents an increase of N500 billion compared to the N1.08 trillion shared in November 2023.
The FAAC provided details of the N1.13 trillion total distributable revenue in a communiqué issued after its meeting in January 2024, chaired by Oluwatoyin Madein, the Accountant General of the Federation.
According to the communiqué, the distributable statutory revenue amounted to N363.19 billion, while the distributable value added tax (VAT) revenue was N458.62 billion. The electronic money transfer levy revenue was N17.855 billion, and the exchange difference revenue was N287.743 billion.
The communiqué further disclosed that the total distributable revenue of N1.674 trillion for December 2023 was lower than the N1.710 trillion generated in the month of November 2023. Meanwhile, the gross statutory revenue for December 2023 was N875.382 billion, compared to the N882.560 billion in November 2023. This represents a decrease of N7.178 billion.
In addition to the deductions for cost of collection, a total of N484.568 billion was made in transfers, interventions and refunds, while total deductions for cost of collection stood at N62.254 billion.
In more detail, the N492.506 billion gross revenue available from VAT in December 2023 consisted of N221.789 billion,which was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion.
The communiqué also outlined the distribution of the total distributable revenue to the different levels of government. From the N1.127 trillion total distributable revenue, the federal government received N383.872 billion, state governments received N396.693 billion, and local government councils received N288.928 billion.
The distribution of the N363.188 billion distributable statutory revenue and the N458.622 billion distributable VAT revenue was also detailed in the communiqué. 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 remaining N33.406 billion was distributed to the oil-producing states as mineral revenue.
From the N458.622 billion distributable VAT revenue, the federal government received N68.793 billion, the state governments received N229.311 billion, and the local government councils received N160.518 billion.
The N17.855 billion Electronic Money Transfer Levy (EMTL) 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 distribution of the N287.743 billion exchange difference revenue was in line with the sharing formula. From this revenue, the federal government received N138.672 billion, the state governments received N70.336 billion, and the local government councils received N54.226 billion.
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