To fund the three tiers of government for the month of December 2022, the Federation Account Allocation Committee (FAAC) distributed N990.189 billion.
The information is found in a statement released by Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget, and National Planning.
A total of N990.189 billion was distributed as follows: N375.306 billion went to the federal government, N299.557 billion to the 36 states of the federation and N221.807 billion to the 774 local government councils.
The federal government earned N990.189 billion in total, which was made up of exchange gains, electronic money transfer levies, value-added tax (VAT), gross statutory revenue, and VAT (EMTL).
Additionally, oil-producing states earned N93.519 billion, or 13%, of the proceeds from the extraction of minerals.
In a statement following its meeting on Tuesday, FAAC stated that the gross revenue from VAT available for December 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.
“From this amount, N31.531 billion was given as the 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 N24.315 billion received as EMTL, it was said, was likewise divided among the three levels of government.
State governments received N12.157 billion, the federal government N3.648 billion, and local councils N8.510 billion.
According to the communiqué, the federal government earned N11.562 billion from the exchange gain, followed by N5.864 billion for the states and N4.521 billion for local councils. A total of N24.841 billion was distributed.
Oil Derivation received N2.894 billion (13% of mineral revenue).
FAAC also stated that while import duty significantly fell, the petroleum profit tax, companies' income tax, and VAT all experienced considerable rises.
It indicated that excise tax and oil and gas royalties both slightly increased.
Additionally, it said that the total revenue distributable for December 2022 was comprised of N707.756 billion in statutory revenue, N233.277 billion in VAT, N24.841 billion in exchange gains, and N24.315 billion from EMTL.
The sum distributable for December 2022 was now N990.189 billion as a result.
The Excess Crude Account has a balance of 473,754.57 USD as of January 17 according to FAAC.
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