The Federation Account Allocation Committee has allocated a total of N1.1 trillion as the December 2023 revenue to the Federal Government, States, and Local Government Councils.

This announcement was made in a communiqué released at the end of the FAAC meeting for January 2024.

The Accountant General of the Federation, Dr. Oluwatoyin Madein, chaired the meeting, where the total distributable revenue of N1,127.408 billion was disclosed.

This comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.622 billion, Electronic Money Transfer Levy revenue of N17.855 billion, and Exchange Difference revenue of N287.743 billion.

The communique highlighted the breakdown of the deductions and transfers, stating, “Total deductions for cost of collection were N62.254 billion, and total transfers, interventions, and refunds amounted to N484.568 billion.”*

The gross statutory revenue for December 2023 was N875.382 billion, which was slightly lower than the N882.560 billion received in November 2023 by N7.178 billion. The gross revenue available from VAT in December 2023 was N492.506 billion, indicating an increase from the N360.455 billion in November 2023 by N132.051 billion.

The distribution of the N1,127.408 billion revenue saw the Federal Government receiving N383.872 billion, State Governments receiving N396.693 billion, and Local Government Councils receiving N288.928 billion.

A total sum of N57.915 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

From the distributable statutory revenue of N363.188 billion, the Federal Government received N173.729 billion, State Governments received N88.118 billion, and Local Government Councils received N67.935 billion.

Additionally, N33.406 billion (13% of mineral revenue) was shared as derivation revenue.

The distribution of the N458.622 billion distributable VAT revenue saw the Federal Government receiving N68.793 billion, State Governments receiving N229.311 billion, and Local Government Councils receiving N160.518 billion.

The Electronic Money Transfer Levy (EMTL) of N17.855 billion was shared, with the Federal Government receiving N2.678 billion, State Governments receiving N8.928 billion, and Local Government Councils receiving N6.249 billion.

From the N287.743 billion Exchange Difference revenue, the Federal Government received N138.672 billion, State Governments received N70.336 billion, and Local Government Councils received N54.226 billion. A sum of N24.509 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

The statement also highlighted changes in various revenue streams, noting significant increases in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), VAT, and EMTL.

However, Oil and Gas Royalties decreased substantially, while Import Duty and CET Levies decreased marginally.

The balance in the Excess Crude Account (ECA) for December was reported as $473,754.57.