FAAC Disburses N1.1 Trillion to Three Tiers of Government in December 2023

The Federation Account Allocation Committee (FAAC) announced that it distributed N1.1 trillion to the federal, state, and local governments in December 2023.

This was revealed by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, in a communique issued on Tuesday after the FAAC meeting for January 2024. The meeting was presided over by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The communique stated that the N1.1 trillion allocation to the three tiers of government was lower than the N1.783 trillion shared in November 2023.

The breakdown of the allocation showed that the Federal Government received N68.793 billion, the State Governments received N229.311 billion, and the Local Government Councils received N160.518 billion from the N458.622 billion distributable Value Added Tax (VAT) revenue.

The communique further explained that the N1,127.408 billion total distributable revenue consisted of distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.

The communique also disclosed that the total deductions for the cost of collection was N62.254 billion; total transfers, interventions and refunds were N484.568 billion. Additionally, the communique reported that the balance in the Excess Crude Account (ECA) for December 2023 was $473,754.57.

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