FAAC: FG, States, LGs Share N750bn for January

FAAC: FG, States, LGs Share N750bn for January

The Federation Account Allocation Committee, FAAC, at its meeting, shared a total sum of N750.174 billion to the three tiers of government as Federation Allocation for January 2023.

The total quoted sum includes Gross Statutory Revenue, Value Added Tax, VAT, Augmentation from Non-Mineral Revenue, N15.000 billion additional savings and Electronic Money Transfer Levies, EMTL.

In perspective, the Commission stated that the Federal Government received N277.334 billion, the States received N244.975 billion, and the Local Government Councils received N180.135 billion. In contrast, the Mineral Producing States received N32.730 billion as Derivation (13% of Mineral Revenue).

This is contained in a Communiqué issued by the Commission at the end of its meeting on Monday.

VAT’s Gross Revenue is N250.009 billion, Gross Statutory revenue is N653.703 billion, while 13.799 billion was received from EMTL.

Aside from the amount given to the three tiers of government, Nigeria spent approximately N282.332 billion on collection and Transfers, Savings, Recoveries and Refunds costs.

However, the Excess Crude Account (ECA) balance as of February 20th, 2023, stands at $473,754.57.