FAAC shares N1.1trn to federal, state, local governments


The Federation Account Allocation Committee shared N1.1 trillion in December 2023 to the federal, state, and local governments.

Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this on Tuesday in a communique at the end of the FAAC meeting for January 2024.

The Accountant General of the Federation, Dr. Oluwatoyin Madein, reportedly chaired the meeting.

Accordingly, the N1.1 trillion shared to the three tiers of government is a decrease from the N1.783 trillion shared in November 2023.

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 N1,127.408 billion total distributable revenue comprised 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.

Last December, the total deductions for the cost of collection was N62.254 billion; total transfers, interventions and refunds were N484.568 billion.

Accordingly, the committee stated that the balance in the Excess Crude Account (ECA) for December 2023 was put at $473,754.57.

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