FAAC: FG, states, LGs shared N750bn in January, allocation crashes by N240bn

The Federation Account Allocation Committee 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.

FAAC disclosed this 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).

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.”