The Federation Accounts Allocation Committee (FAAC) distributed ₦1.727 trillion among the Federal Government, States, and Local Government Councils during its December meeting in Abuja.
FAAC’s Director of Press and Public Relations, Bawa Mokwa, revealed that the revenue comprised ₦455.354 billion in statutory allocations, ₦585.700 billion from Value Added Tax (VAT), ₦15.046 billion from the Electronic Money Transfer Levy (EMTL), and ₦671.392 billion from exchange differences.
The Federal Government received ₦581.856 billion, States ₦549.792 billion, and LGAs ₦402.553 billion, while oil-producing states got ₦193.291 billion as 13% derivation funds.
From the statutory revenue, the Federal Government was allocated ₦175.690 billion, States ₦89.113 billion, LGAs ₦68.702 billion, and ₦121.849 billion went to derivation states.
VAT revenue of ₦585.700 billion was shared as ₦87.855 billion to the Federal Government, ₦292.850 billion to States, and ₦204.995 billion to LGAs.
The ₦15.046 billion EMTL was divided among the Federal Government (₦2.257 billion), States (₦7.523 billion), and LGAs (₦5.266 billion).
From the ₦671.392 billion exchange difference revenue, the Federal Government received ₦316.054 billion, States ₦160.306 billion, LGAs ₦123.590 billion, and oil-producing states ₦71.442 billion.
FAAC’s communiqué noted increases in Oil and Gas Royalty and CET Levies, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and EMTL recorded declines.
