The Federation Account Allocation Committee (FAAC) has shared a total sum of N990.189 billion to the three tiers of government as Federation Allocation for the month of December 2022.
The breakdown of the allocation includes the Federal Government receiving N375.306 billion, the states receiving N299.557 billion, the Local Government Councils receiving N221.807 billion, and oil-producing states receiving N93.519 billion as Derivation, which is 13% of Mineral Revenue.
According to the Communiqué issued by the Federation Account Allocation Committee, the Gross Revenue available from the Value Added Tax (VAT) for December 2022 was N250.512 billion, an increase from the preceding month. A total of N24.315 billion from the Electronic Money Transfer Levies (EMTL) was also distributed among the three tiers of government.
The balance in the Excess Crude Account as of January 17th, 2023 is $473,754.57.
