The Federation Account Allocation Committee (FAAC) has shared the of sum of N750.174 billion to the three tiers of government, as revenue from the month of January. The amount is federation allocation for the month of January, 2023.

The figure represents a decrease of N240. 015 billion compared to the December allocation of N990.189 billion.

The amount is inclusive of gross statutory revenue, value added tax, electronic money transfer levies, augmentation from non-mineral revenue, and an additional sum of N15 billion from savings.

The FAAC report that was released by the Federal Ministry of Finance, Budget and National Planning, government received N277.334 billion, the states received N244.975 billion, local government areas got N180.135 billion, while the mineral producing states received N32.730 billion as 13 percent derivation.

The additional N15 billion from savings, according to the committee at the end of the meeting, will be shared accordingly to the three tiers of government.

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

According to the communiqué, the total revenue distributable for the current month of January 2023, was drawn from statutory revenue of N389.118 billion, VAT of N232.809 billion, an augmentation from non-mineral revenue of N100.000 billion, N13.247 billion from electronic transfer levies and the addition of N15 billion from savings, bringing the total distributable for the month to N750.174 billion.

In details, the communiqué issued at the end of FAAC meeting on Monday indicated that N250.009 billion was received from VAT. N250.512 billion was distributed in the preceding month, resulting in a decrease of N0.503 billion.

From that amount, the sum of N10.000 billion was deducted by the Federal Inland Revenue Service (FIRS) as cost of VAT collection, while the sum of N7.200 billion was given to transfers, savings, recoveries and refunds.

The remaining sum of N232.809 billion was distributed as follows; federal government got N34.921 billion, the States received N116.405 billion, local government area got N81.483 billion.

Accordingly, the gross statutory revenue of N653.703 billion received for the month which was lower than the sum of N1136.183 billion received in the previous month by N482.479 billion.

From this amount, the sum of N23.494 billion was giving for cost of collection and a total sum of N241.091 billion to transfers, savings and refunds. The remaining balance of N389.118 billion was distributed as follows: federal government received the sum of N189.745 billion, states got N95.227 billion, LGAs received N73.416 billion, and derivation (13 percent to mineral producing states) got N32.730 billion.

Also, the sum of N13.799 billion from electronic money transfer levies was distributed to the three tiers of government as follows; the Federal Government received N1.987 billion, states got N6.624 billion, local government areas received N4.636 billion, while the sum of N0.552 billion was allocated to cost of collection.

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