From Abubakar Sule
The Federation Account Allocation Committee (FAAC), at its meeting yesterday, approved the sharing of N990.189 billion to the three tiers of government, as revenue from the month of December 2022.
The approved amount is inclusive of gross statutory revenue, Value Added Tax (VAT), exchange gain and electronic money transfer levies.
From that, federal government received N375.306 billion, the states received N299.557 billion, the local government area got N221.807 billion, while the oil producing states received N93.519 billion as derivation, (13 percent of mineral revenue).
The communiqué that was issued by FAAC at the end of the meeting indicated that the gross revenue available from the VAT for December 2022, was N250.512 billion, which was an increase distributed in the preceding month, from this amount, the sum of N7.215 billion was allocated to NEDC project.
The sum of N10.020 billion was cost of collection to FIRS and NCS remaining the sum of N233.277 billion which was distributed as follows; Federal Government got N34.992 billion, the States received N116.639 billion, Local Government Councils got N81.647 billion.
Accordingly, the gross statutory revenue of N1136.183 billion was received for the month which was higher than the sum received in the previous month.
From this amount, the sum of N31.531 billion was giving to cost of collection and a total sum of N396.896 billion to transfers, savings and refunds remaining the balance of N707.756 billion which was distributed as follows; Federal Government was allocated the sum of N325.105 billion, States got N165.897 billion, LGAs got N127.129 billion, and Oil Derivation (13 percent mineral revenue) got N90.625 billion.
