The Federation Account Allocation Committee has shared a total of N990.189bn to the three tiers of government as allocation for the month of December 2022.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL), the Federal Government received N375.306bn, the States received N299.557 billion, the Local Government Councils got N221.807 billion.
Similarly, the oil producing states received N93.519bn based on the 13 per cent derivation principle.
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The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from VAT for December 2022, was N250.512bn.
Also, the Gross Statutory Revenue of N1136.183bn was received for the month which was higher than the sum received in the previous month.
From this amount, the sum of N31.531bn was paid as Cost of Collection to the revenue generation agencies.
Also, the sum of N24.315bn from the Electronic Money Transfer Levies (EMTL) was distributed to the three (3) tiers of government as follows; the Federal Government received N3.648bn, States got N12.157bn, Local Government Councils received N8.510bn.
During the period, 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.
However, the balance in the Excess Crude Account (ECA) as at January 17th, 2023 stood at $473,754.57.