CEM REPORT, GOVERNANCE | A total sum of N990.189 billion was distributed amongst the three tiers of government as federal allocation for December 2022.
This is a 9.8% increase, when compared to the N902.053 billion that was shared with the 3 tiers of government in November 2022.
The Federal Account Allocation Committee (FAAC) revealed this in a press release signed by the Director, of Information and Press, of the Federal Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete.
The statement says that the Federal Government received N375.306 billion, while the states and local government councils received N299.557 billion and N221.807 billion respectively as their allocations. The oil-producing states got N93.519 billion as a derivation (13% of mineral revenues).
However, it should be noted that the amount distributed is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and Electronic Money Transfer Levies (EMTL).
Gross Revenue available from the Value Added Tax (VAT) for December 2022, was N250.512 billion. This shows a 23.5% increase from the VAT revenue distributed the previous month.
From the distributable VAT revenue, the sum of N7.215 billion was allocated to the NEDC Project and the sum of N10.020 billion to the Cost of Collection to FIRS and NC, the Federal Government got N34.992 billion, the States received N116.639 billion, and Local Government Councils got N81.647 billion from the remaining sum of N233.277 billion.
Gross Statutory Revenue for the month stood at N1136.183 billion, of which N31.531 billion was allocated to the cost of collection and a total sum of N396.896 billion to Transfers, Savings, and Refunds.
Federal Government was allocated the sum of N325.105 billion, States got N165.897 billion, Local Government Councils got N127.129 billion, and Oil Derivation (13% Mineral Revenue) got N90.625 billion from the remaining balance of N707.756 billion.
From Electronic Money Transfer Levies (EMTL) the government generated the sum of N24.315 billion of which the Federal Government received N3.648 billion, States got N12.157 billion, and Local Government Councils received N8.510 billion.
The Communiqué further disclosed that the Federal Government received N11.562 billion, States got N5.864 billion, Local Government Councils received N4.521 billion and Oil Derivation (13% of Mineral Revenue) got N2.894 billion from the sum of N24.841 billion from Exchange Gain.
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Value Added Tax (VAT) recorded significant increases, while Import Duty decreased considerably. Oil and Gas Royalties and Excise Duty increased marginally.
According to the Communiqué, the total revenue distributable for the current month of December was drawn from Statutory Revenue of N707.756 billion, Value Added Tax (VAT) of N233.277 billion, Exchange Gain of N24.841 billion, and N24.315 billion from Electronic Money Transfer Levies (EMTL) bringing the total distributable for the month to N990.189 billion.
However, the balance in the Excess Crude Account (ECA) as of January 17th, 2023 stands at $473,754.57.