The Federation Account Allocation Committee (FAAC) authorized the distribution of N990.189 billion to the three levels of government based on the revenue obtained for the month of December 2022.
The FAAC’s results, were made public yesterday, show that the local governments got N221.807 billion, the states got N299.557 billion, and the federal government got N375.306 billion. The oil-producing states received a further N93.519 billion (13 percent of mineral revenue).
The allowed sum includes all taxes for electronic money transfers, exchange gains, Value Added Tax (VAT), and gross statutory revenue.
After yesterday’s meeting, the FAAC released a communiqué stating that the gross VAT revenue available for December 2022 was N250.512 billion, an increase over the amount disbursed the month before. Of this figure, N7.215 billion was granted to the NEDC project.
The remaining N233.277 billion, of which N10.020 billion used to cover the costs of collection for the FIRS and NCS, later distributed as follows: the Federal Government received N34.992 billion, the States received N116.639 billion, and Local Government Councils received N81.647 billion.
As a result, the gross statutory revenue for the month was N1136.183 billion, which was more than it was the month before.
N1136.183 billion reduced by N31.531 billion to cover the costs of collection, and the remaining N707,756 billion split in the following ways: N325.105 billion went to the federal government, N165.897 billion to the states, N127.129 billion to local government areas, and N90.625 billion went to oil extraction, which represents 13 percent of mineral revenue.
Additionally, the federal government earned N3.648 billion, the states received N12.157 billion, and the local government area received N8.510 billion of the N24.315 billion collected from the electronic money transfer levies.
According to the communiqué, the federal government collected N11.562 billion from the exchange gain, followed by the states with N5.864 billion, local government councils with N4.521 billion, and oil extraction with N2.894 billion (13 percent of mineral earnings).
While import duties were fell, the petroleum profit tax, corporations income tax (CIT), and VAT all saw large increases. Excise duty and oil and gas royalties both slightly raised.
The total income distributable for the current month of December comprised N707.756 billion in statutory revenue, N233.277 billion in VAT, N24.841 billion in exchange gains, and N24.315 billion in levies on electronic money transfers, totaling N990.189 billion.
On January 17th, 2023, the Excess Crude Account (ECA) had a balance of $473,754.57.
