FAAC December Disbursement to FG, States, LGs Rises by 22.44% to N902.1bn

By Aduragbemi Omiyale

The federal government, state governments and the 774 local government areas earned more from the national cake in December 2022, following a 22.44 per cent spike in the revenue shared with them by the Federation Account Allocation Committee (FAAC).

The FAAC 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 in the Office of the Accountant General of the Federation, Henshaw Ogubike, the allocated funds comprised distributable statutory revenue of N681.079 billion, distributable Value Added Tax revenue of N202.839 billion, Exchange Gain revenue of N7.164 billion and Electronic Money Transfer Levy (EMTL) revenue of N10.971 billion.

The disclosure, which was issued after the monthly meeting of the committee on Thursday, stated that the improvement in the revenue shared this month was due to significant increases in oil and gas royalties and Petroleum Profit Tax (PPT). They offset the shortfall recorded in VAT and Companies Income Tax (CIT), though import and excise duties increased marginally.

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

From the gross statutory revenue of N681.079 billion, the central government was given N323.094 billion, states got N163.878 billion, the LGs got N126.343 billion, and N67.765 billion shared to the oil-producing states as 13 per cent oil derivation.

Furthermore, from the N202.839 billion distributable VAT earnings, the federal government was allocated N30.426 billion, the states had N101.420 billion, and the councils got N70.994 billion.

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

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