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FG, States, LGAs share N750.174bn for January allocation – FAAC

Atleast N750.174 billion has been shared to the three tiers of government as Federation Allocation for January, 2023, according to Federation Account Allocation Committee (FAAC).

This comprises of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levies (EMTL), Augmentation from Non- Mineral Revenue, and additional N15 billion from Savings, while receiving N277.334 billion, State governments got N244.975 billion, Local Government Councils went home with N180.135 billion, while the Mineral Producing States received N32.730 billion as Derivation, (or 13 percent of Mineral Revenue).

The Gross Revenue available from the Value Added Tax (VAT) for January, 2023 was N250.009 billion as against N250.512 billion distributed in the preceding month, resulting in a decrease of N0.503 billion, adding that N10 billion was allocated to Cost of Collection, and another N7.2 billion came from Transfers, Savings, Recoveries and Refunds.

The remaining sum of N232.809 billion was distributed as follows; Federal Government, N34.921 billion; State governments N116.405 billion and Local Government Councils, N81.483 billion, while stating that Gross Statutory Revenue of N653.703 billion received for the month of January, 2023 was lower than the N1.136 trillion received in the previous month by N482.479 billion.

From this amount, N23.494 billion was allocated to Cost of Collection and N241.091 billion went to Transfers, Savings and Refunds.

Meanwhile, The balance of N389.118 billion was distributed as follows; Federal Government, N189.745 billion; States governments N95.227 billion; LGAs N73.416 billion, and Derivation (13% to Mineral Producing States ) N32.730 billion.

N13.799 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three (3) tiers of government as follows: Federal Government N1.987 billion; State governments N6.624 billion; Local Government Areas N4.636 billion, while the sum of N0.552 billion was set aside as Cost of Collection.

The FAAC Communiqué also stated that the augmentation of the sum of N100 billion from Non- Mineral Revenue was shared as follows: federal government N52.680 billion, states governments N26.720 billion and Local Government Areas N20.6 billion.

Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties and EMTL all suffered significant decline. Value Added Tax (VAT) decreased marginally. However, revenue accruals from Import and Excise Duties increased, albeit marginally, saying balance in the Excess Crude Account (ECA) as at February 20th, 2023 stands at $473,754.57.

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