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FG, States, LGCs share N750bn for the month of January

The Federation Account Allocation Committee, FAAC, at its meeting, shared a total of N750.174 billion to the three levels of government as the Federation’s appropriation for the month of January 2023.

The total amount quoted includes total statutory revenue, VAT, VAT, excess non-metallic revenue, additional savings of N15.000 billion, electronic funds transfer fees, and EMTL.

For perspective, the commission stated that the federal government received N277.334 billion, states received N244.975 billion, and local government councils received N180.135 billion. In contrast, mineral producing countries received N32.730 billion as a derivative (13% of mineral revenue).

The “daily mail” indicates that this is contained in a statement issued by the Commission at the end of its meeting on Monday.

The total tax revenue for VAT is 250.009 billion shekels, the total statutory revenue is 653.703 billion shekels, while 13.799 billion was received from EMTL.

Apart from the amount given to the three levels of government, Nigeria has spent approximately N282.332 billion on collection costs, transfers, savings, recovery and refunds.

However, the Excess Crude Oil Account (ECA) balance as of February 20, 2023, is $473,754.57.

FG, States, LGCs share N750bn for the month of January

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