The Federation Account Allocation Committee (FAAC), says it shared a total sum of N1.127 trillion naira to the three tiers of government as Federation Allocation for the month of December, 2023 from a gross total revenue of N1.674.230 trillion.
From the stated amount, the Federal government received 383.87billion, the States received N396.69 billion, the Local Government Councils got N288.92 billion, while the Oil Producing States received N57.91 billion as Derivation.
Chaired by the Accountant General of the Federation Oluwatoyin Sakirat Madein, the meeting indicated that, a sum of N62.254 billion was allocated for cost of collection, and N484.568 billion was allocated for transfers, intervention, and refunds.
In terms of specific revenue sources, the Value Added Tax (VAT) amounted to N492.506 billion, an increase of N132.051 billion compared to the previous month. Additionally, the Gross Statutory Revenue was N875.382 billion, with N18.599 billion coming from the Electronic Money Transfer Levy (EMTL).
The balance in the Excess Crude Account (ECA) as at January 23, 2024 stands at $473,754 Million Dollars
