FAAC: FG, states, LGAs shared N750bn in January -- down by N240bn

FAAC: FG, states, LGAs shared N750bn in January — down by N240bn

February 21

09:08 2023

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The Federation Account Allocation Committee (FAAC) says it shared N750.174 billion among the three tiers of government in January 2023.

The figure represents a decrease of N240.015 billion compared to December’s allocation of N990.189 billion.

The committee disclosed this in a communique issued at the end of its latest meeting in Abuja on Monday.

The figure comprised gross statutory revenue, value-added tax (VAT), electronic money transfer levies (EMTL), augmentation from non-mineral revenue, and an additional sum of N15 billion from savings.

A breakdown of the N750.174 billion for the month of January shows that N277.334 billion was for federal government, N244.975 billion for states, and N180.135 billion for local governments, while mineral-producing states received N32.730 billion as derivation, (13 percent of mineral revenue).

FAAC further said the gross revenue available from the value-added tax was N250.009 billion for the month in review.

A gross statutory revenue of N653.703 billion was received for the month — lower than the sum of N1.136 trillion received in the previous month by N482.479 billion.

Out of the gross statutory revenue, N23.494 billion was allotted to the cost of collection and a total of N241.091 billion to transfers, savings, and refunds.

From the balance of N389.118 billion, the federal government received N189.745 billion, states got N95.227 billion, local governments received N73.416 billion, while derivation (13 percent to mineral producing states) stood at N32.730 billion.

FAAC added that from the electronic money transfer levies (EMTL) of N13.799 billion, the federal government got N1.987 billion, states received N6.624 billion, local governments received N4.636 billion, while the sum of N0.552 billion was allocated to cost of collection.

The commission further disclosed that the augmentation of the sum of N100.000 billion from non-mineral revenue was shared as follows: federal government received N52.680 billion, states N26.720 billion, while N20.600 billion was earmarked for the local government.

According to FAAC, oil and gas royalties, petroleum profit tax (PPT), companies income tax (CIT), and ETML decreased tremendously.

It said while value-added tax (VAT) decreased marginally, import and excise duties also increased slightly.

The committee added that the balance in the excess crude account (ECA), as at February 20, 2023, stands at $473,754.57.