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HomeBusinessNigeria distributes N990 bln revenue to 3-tiers of Govt

Nigeria distributes N990 bln revenue to 3-tiers of Govt

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For the month of December 2022, the Federation Account Allocation Committee (FAAC) has allocated N990.189 billion to the three tiers of government.

This is according to the Director (Information/Press), Ministry of Finance and Budget, Phil Abiamuwe-Mowete in a statement at the end of the FAAC meeting in Abuja.

The Federal Government received N375.306 billion from the N990.189 billion, the 36 states and the FCT received N299.557 billion, and the 774 local government councils received N221.807 billion.

The Federal Government received N990.189 billion in Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and Electronic Money Transfer Levies (EMTL).

Furthermore, oil-producing states received N93.519 billion as 13 percent of mineral revenue.

A communiqué issued by FAAC at the end of its meeting on Tuesday indicated that Gross Revenue available from VAT for Dec. 2022 was N250.512 billion.

“From the VAT collected, N7.215 billion was allocated to the Northeast Development Commission Project, while the Federal Inland Revenue Service and the Nigeria Customs Service got N10.020 billion as Cost of Collection.

“From the balance of N233.277 billion, the Federal Government got N34.992 billion; states received N116.639 billion, while local government councils got N81.647 billion.

“Gross Statutory Revenue of N1136.183 billion was received for the month of December 2022.

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“From this amount, N31.531 billion was given as Cost of Collection and N396.896 billion released to Transfers, Savings and Refunds.

“From the balance of N707.756 billion, N325.105 billion was allocated to the Federal Government; N165.897 billion was allocated to states, while local councils got N127.129 billion.

“Oil Derivation (13 per cent Mineral Revenue) for oil-producing states got N90.625 billion,’’ it stated.

The Federal Government received N3.648 billion, while states received N12.157 billion and local governments received N8.510 billion.

The communiqué also stated that N24.841 billion in Exchange Gain was distributed to the Federal Government, which received N11.562 billion; states received N5.864 billion; and local governments received N4.521 billion.

Oil extraction received N2.894 billion (13 percent of mineral revenue).

FAAC also noted significant increases in Petroleum Profit Tax, Corporate Income Tax, and VAT, while Import Duty decreased significantly.

It stated that oil and gas royalties and excise duty had increased marginally.

It also stated that the total revenue distributable for December 2022 was N707.756 billion from Statutory Revenue, N233.277 billion from VAT, N24.841 billion from Exchange Gain, and N24.315 billion from EMTL.

The total distributable for December 2022 is now N990.189 billion.

FAAC also stated that the balance in the Excess Crude Account as of January 17 was 473,754.57 dollars.

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