In December 2023, the federal, state, and local governments received N1.1 trillion from the Federation Account Allocation Committee.
Bawa Mokwa, the Office of the Accountant General of the Federation’s Director of Press and Public Relations, revealed this information in a press release on Tuesday following the FAAC meeting for January 2024.
Dr. Oluwatoyin Madein, the Federation’s accountant general, supposedly presided over the gathering.
As a result, the N1.1 trillion distributed across the three governmental levels is a drop from the N1.783 trillion distributed in November 2023.
From the N458.622 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N68.793 billion, the State Governments received N229.311 billion, and the Local Government Councils received N160.518 billion.
The N1,127.408 billion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.
Last December, the total deductions for the cost of collection was N62.254 billion; total transfers, interventions and refunds were N484.568 billion.
Accordingly, the committee stated that the balance in the Excess Crude Account (ECA) for December 2023 was put at $473,754.57
