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FAAC: FG, states, LGAs share N1.783trn in December 2023

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Nine oil producing states get N123bn 13 derivation fund in August

The breakdown of the N1.783 trillion shared in December 2023 showed that the federal government received N402.867 billion, state governments received N351.697 billion, and the 774 local government areas received N258.810 billion. Additionally, N75.410 billion was shared with the mineral resource-benefiting states as derivation revenue.

The revenue from distributable VAT was N335.656 billion, with the Federal Government receiving N50.348 billion, the state governments receiving N167. 828 billion, and the local government areas receiving N117.480 billion. Furthermore, the electronic money transfer levy of N11.952 billion was shared, with the Federal Government receiving N1.793 billion, the State Governments receiving N5.976 billion, and the Local Government Councils receiving N4.183 billion.

The exchange difference revenue of N364.869 billion saw the Federal Government receiving N175.817 billion, state governments receiving N89.177 billion, and local government areas receiving N68.751 billion. In addition, N31.124 billion was shared with the mineral resource-benefiting states as derivation revenue.

The communique also highlighted the notable increases in various revenue streams such as Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and Value Added VAT. However, it was noted that transfer levies, import duty, and money transfer recorded decreases.

The balance in the excess crude account was reported to be $473,754.57.


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