FAAC shares N1.127trn December revenue to FG, States, LGs
January 23, 2024
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,127.408 trillion in December 2023 Federation Account Revenue with the Federal Government, States, and Local Government Councils.
This is contained in a communiqué issued by the FAAC at its January 2024 meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
Bawa Mokwa, Director (Press and Public Relations) in the Office of the Accountant General of the Federation, said on Tuesday in a statement that 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.
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He pointed out that the balance in the Excess Crude Account (ECA) was $473,754.57.
According to the communiqué, total revenue of N1,674.230 billion was available in December 2023. Total deductions for the cost of collection were N62.254 billion; total transfers, interventions, and refunds were N484.568 billion.
Gross statutory revenue of N875.382 billion was received for December 2023. This was lower than the N882.560 billion received in November 2023 by N 7.178 billion.
