FEDERAL, STATE AND LOCAL GOVERNMENTS SHARE 1.1 TRILLION NAIRA

The Federation Account Allocation Committee, FAAC, has shared 1.1 trillion naira in December 2023 among the federal government, states
and Local Government Councils. This was disclosed in a communique by the FAAC at its January meeting, chaired by the accountant general of the federation, Oluwatoyin Madein. According to the communique, the 1.1 trillion naira revenue comprised distributable statutory revenue of 363.1 billion naira, Value Added Tax of 458.6 billion naira, and electronic money transfer levy, EMTL, of 17.8 billion naira. It also comprised an exchange difference of 287.7 billion naira.

The communique said the federal government received 383.8 billion naira, the state governments received 396.6 billion naira while the Local Government Councils got 288.9 billion naira. It said that in December 2023, companies’ income tax, excise duty, petroleum profit tax, VAT and EMTL increased significantly, while oil and gas royalties decreased substantially, adding that import duty decreased marginally.