FAAC: Allocation to FG, states, LGs crashes by N240bn

According to the Federation Account Allocation Committee, in January 2023, N750.17 billion was distributed across the three levels of government.

The amount is down N240.02 billion from the N990.19 billion given in December 2022.

This was stated by FAAC in a communiqué that was made public on Monday after its most recent meeting in Abuja.

Gross statutory income, VAT, electronic money transfer fees, addition from non-mineral revenue, and an extra sum of N15 billion from savings are all included in the total amount.

The local government councils received N180.14 billion, the states received N244.98 billion, and the federal government received N277.33 billion. The states that produce minerals received Derivation payments of N32.73 billion (13 per cent of mineral revenue).

Additionally, it was observed that the total income from the Value Added Tax for the month of January 2023 was N250.01 billion, down from the N250.51 billion disbursed in the prior month by N0.503 billion.

It further said that the N13.8 billion collected from the electronic money transfer levies was divided up among the three levels of government.

“The Federal Government received N1.987 billion, States got N6.62 billion, Local Government Councils got N4.64 billion, and the amount of N0.55 billion was assigned to Cost of Collection,” according to the breakdown for EMTL.

The communiqué also revealed the addition of N100 billion in non-mineral income, which was distributed as follows: Local government councils received N20.60 billion, the Federal Government N52.68 billion, and the States N26.72 billion.

“However, as of February 20th, 2023, the amount in the Excess Crude Account remains at $473,754.57,” it said.

Miniechat

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