FAAC shares N1.1trn to federal, state, local governments

To the federal, state, and municipal governments, the Federation Account Allocation Committee distributed N1.1 trillion in December 2023.

This was revealed on Tuesday in a press release following the FAAC meeting for January 2024 by Bawa Mokwa, the director of press and public relations at the Office of the Accountant General of the Federation.

According to reports, Dr. Oluwatoyin Madein, the Federation’s Accountant General, presided over the conference.

The N1.1 trillion distributed across the three levels of government, as a result, represents a reduction from the N1.783 trillion distributed in November 2023.

This N458.622 billion distributable Value Added Tax (VAT) revenue was distributed to the Federal Government N68.793 billion, the State Governments N229.311 billion, and the Local Government Councils N160.518 billion.

The N1,127.408 billion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.

Last December, the total deductions for the cost of collection was N62.254 billion; total transfers, interventions and refunds were N484.568 billion.

Accordingly, the committee stated that the balance in the Excess Crude Account (ECA) for December 2023 was put at $473,754.57