FAAC December disbursement to FG, states, LG increases by 22.44% to N902.1bn

The federal government, state governments, and the 774 local government areas gained more of the national pie in December 2022, following a 22.44% increase in revenue shared with them by the Federation Accounts Allocation Committee ( FAAC).

FAAC’s December disbursement was the funds generated by the country in November 2022.

According to a statement issued by the Director of Information, Press and Public Relations of the Office of the Accountant General of the Federation, Henshaw Ogubike, the allocated funds comprised distributable statutory income of N681.079 billion, distributable income from Value Added Tax of N202 . 839 billion, exchange profit revenue of N7.164 billion and Electronic Money Transfer Levy (EMTL) revenue of N10.971 billion.

The disclosure, which was issued after the committee’s monthly meeting on Thursday, indicated that the improvement in revenue sharing this month was due to significant increases in oil and gas royalties and the Petroleum Profit Tax (PPT). They offset the deficit registered in VAT and Corporate Tax (IRC), although excise and import taxes increased marginally.

A breakdown showed that of the N902.053 billion, the federal government received N358.515 billion, states received N270.836 billion, and local councils received N204.130 billion, while oil-producing states received N68. ,572 billion as a bypass fund as 13 percent of mineral revenue.

Of the gross statutory revenue of N681.079 billion, the central government received N323.094 billion, the states got N163.878 billion, the LGs got N126.343 billion and N67.765 billion was shared among the states Oil producers like 13 percent oil bypass.

In addition, of the distributable VAT revenue of N202.839 billion, the federal government received N30.426 billion, the states N101.420 billion and the councils N70.994 billion.

In addition, out of N10.971 billion from EMTL, the federal government took N1.646 billion, states got N5.485 billion and councils got N3.840 billion, while from N7.164 billion from Exchange gain , the federal government got N3.349 billion, the states got N1.699 billion and the councils got N1.309 billion.

The statement revealed that the balance in the Excess Crude Account (ECA) was $473,754.57 as of December 15, 2022, slightly higher than the $472,513.64 as of November 23, 2022.

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