FG, States, LGs share N990.2bn for December

The Federation Account Allocation Committee (FAAC) has shared N990.189 billion to the three tiers of government for December 2022.

Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning, gave the details on Tuesday.

The Federal Government received N375.306 billion, States and the FCT received N299.557 billion, while the 774 Local Government Councils got N221.807 billion.

The N990.189 billion received by the Federal Government comprised Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).

However, oil-producing states received N93.519 billion as 13 percent of mineral derivation revenue.

The FAAC breakdown indicates Gross Revenue available from VAT for December 2022 was N250.512 billion.

N7.215 billion was allocated to the Northeast Development Commission Project, while the Federal Inland Revenue Service and the Nigeria Customs Service got N10.020 billion as Cost of Collection.

Also from the VAT, the Federal Government got N34.992 billion, States and FCT got N116.639 billion, while LGC got N81.647 billion.

Phil Abiamuwe-Mowete said Gross Statutory Revenue of N1136.183 billion was received for the month of December 2022.

N31.531 billion was released as Cost of Collection and N396.896 billion was released to Transfers, Savings and Refunds.

“From the balance of N707.756 billion, N325.105 billion was allocated to the Federal Government; N165.897 billion was allocated to states, while local councils got N127.129 billion.

“Oil Derivation (13 percent Mineral Revenue) for oil-producing states got N90.625 billion”, the communique stated.