Federal allocation shared in December higher by N40bn than November’s

THE Federation Account Allocation Committee (FAAC) has confirmed it shared N1.13 trillion among the three tiers of government in December 2023.     

The allocation showed a 4. 63 per cent appreciation from the N1.08 trillion sum shared in November 2023.

The FAAC disclosed this in a communiqué issued at the end of its latest meeting, confirmed in a statement by the director of press and public relations, Office of Accountant General of the Federation, Bawa Mokwa, on Tuesday, January 23.

Also, the total figure shared for December represents an increase of N40 billion compared to the N1.08 trillion shared for November 2023.

The FAAC stated that from the N1.13 trillion total distributable revenue, the Federal Government received N383.87 billion, the State Government got N396.69 billion, and the Local Government Councils were allocated N288.93 billion.




    It added, “A total sum of N57.915bn (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N363.19 billion distributable statutory revenue, the Federal Government received N173.729 billion, the State Governments received N88.12 billion, and the Local Government Councils received N67.94 billion. The sum of N33.41 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

    The communique added that the Federal Government received N68.79 billion, the State Governments received N229.31 billion, and the Local Government Councils received N160.528 billion from the N458.62 billion distributable value-added tax (VAT) revenue.

    The total amount shared includes gross statutory revenue, VAT, Companies Income Tax (CIT), Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levy (EMTL).

     

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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