N750.17bn Shared Among Three Tiers Of Govt In January 2023 — FAAC

Zainab Ahmed, Minister of Finance And  National  Planning

The Federation Account Allocation Committee, FAAC says it shared N750.17bn among the three tiers of government in January 2023.

The figure represents a decrease of N240.02bn compared to the N990.19bn shared in December 2022.

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FAAC disclosed his in a communiqué issued at the end of its latest meeting in Abuja on Monday.

The total amount includes gross statutory revenue, Value Added Tax, electronic money transfer levies, augmentation from non-mineral revenue, and an additional sum of N15bn from Savings.

The Federal Government received N277.33bn, the states received N244.98bn, the local government councils got N180.14bn, while the mineral producing states received N32.73bn as Derivation (13 per cent of mineral revenue).

It also noted that the gross revenue available from the Value Added Tax for the month of January, 2023 was N250.01bn, as against N250.51bn distributed in the preceding month, resulting in a decrease of N0.503bn.

It added that the sum of N13.8bn from the electronic money transfer Levies was distributed to the three tiers of government as follows.

The breakdown for EMTL showed “the Federal Government received N1.987bn, States got N6.62bn, Local Government Councils received N4.64bbn, while the sum of N0.55bn was allocated to Cost of Collection.”

The communiqué also disclosed the augmentation of the sum of N100bn from non-mineral revenue, which was shared accordingly as follows: Federal Government received N52.68bn, States got N26.72bn,  local government councils received N20.60bn.

It added;

However, the balance in the Excess Crude Account as at February 20th, 2023 stands at $473,754.57.


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