2.7 C

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

The N990.189billion 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 per cent of mineral derivation revenue.

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

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

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

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

N31.531billion was released as Cost of Collection and N396.896billion 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 per cent Mineral Revenue) for oil-producing states got N90.625 billion”, the communique stated.

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