The federal, state and local governments have shared a total sum of N990.189 billion to the three tiers of government, as Federation Allocation for the month of December 2022.
Amount shared includes Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).
The federal government received N375.306bn, the states received N299.557bn, the local government councils got N221.807bn, while the oil-producing states received N93.519bn as derivation (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for December 2022 was N250.512bn, which was an increase distributed in the preceding month. From this amount, N7.215bn was allocated to NDDC project and N10.020bn to Cost of Collection to FIRS and NCS remaining N233.277bn which was distributed as follows; federal government got N34.992bn, the states received N116.639bn, local government councils got N81.647bn.
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Accordingly, the Gross Statutory Revenue of N1136.1bn was received for the month which was higher than the sum received in the previous month. From this amount, N31.531bn was given to Cost of Collection and N396.896bn to Transfers, Savings and Refunds remaining the balance of N707.756bn which was distributed as follows; federal government was allocated N325.105bn, states got N165.897bn, LGCs got N127.129bn, and Oil Derivation (13% Mineral Revenue) got N90.625bn.
Also, the sum of N24.315bn from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government as follows; the federal government received N3.648bn, states got N12.157bn, local government councils received N8.510bn.
The balance in the Excess Crude Account (ECA) as at January 17th, 2023 stands at $473,754.57.
