December 2023 saw a significant increase in Value Added Tax (VAT), gross revenue and a total of N383.872 billion from the total distributable revenue of N1.127.408 trillion.
By Saidu Idris
365Daily – The federation account recorded a staggering revenue of N1.674 trillion in December 2023, the Federation Account Allocation Committee (FAAC) has said.
It added on Tuesday that out of the total revenue generated, N1.127 trillion was shared among the three tiers of government and other entities benefiting from the federation account.
According to a communiqué FAAC in Abuja, increases were observed in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL).
However, there was a substantial decrease in Oil and Gas Royalties, and Import Duty and CET Levies experienced a slight decline.
It also revealed that the balance in the Excess Crude Account (ECA) remained stagnant at $473,754.57, while N875.382 billion was received as gross statutory revenue for December 2023, slightly lower than the N882.560 billion received in November 2023.
December 2023 saw a significant increase in Value Added Tax (VAT), gross revenue and a total of N383.872 billion from the total distributable revenue of N1.127.408 trillion.
FAAC added that state governments received N396.693 billion, local government councils received N288.928 billion and benefiting states got N57.915 billion, representing 13 percent of mineral revenue.
Regarding distributable statutory revenue, the Federal Government received N173.729 billion, state governments received N88.118 billion, and local government councils received N67.935 billion from the N363.188 billion generated. Furthermore, N33.406 billion, representing 13 percent of mineral revenue, was shared as derivation revenue among the states that benefit from it.
From the distributable Value Added Tax (VAT) revenue of N458.622 billion, the Federal Government received N68.793 billion, state governments received N229.311 billion, and local government councils received N160.518 billion.
The Electronic Money Transfer Levy (EMTL) of N17.855 billion was allocated as follows: the Federal Government received N2.678 billion, state governments received N8.928 billion, and local government councils received N6.249 billion.