FAAC disburses N1.1 trillion December allocation to FG, states, LG

 

The Federation Account Allocation Committee (FAAC) has disbursed a substantial N1.1 trillion as the December 2023 allocation to the Federal Government, States  and Local Government councils.

 

This was revealed in a communiqué issued at the conclusion of the FAAC meeting for January 2024, as conveyed by Bawa Mokwa, the Director of Press and Public Relations under the Office of the Accountant General of the Federation on Tuesday.

 

Chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, the meeting presented a detailed breakdown of the N1,127.408 billion total distributable revenue.

 

This encompasses N363.188 billion from distributable statutory revenue, N458.622 billion from distributable Value Added Tax (VAT) revenue, N17.855 billion from Electronic Money Transfer Levy (EMTL) revenue, and N287.743 billion from Exchange Difference revenue.

 

Analysing financial activities from the preceding December, the report highlights that the total deductions for the cost of collection amounted to N62.254 billion, with total transfers, interventions, and refunds reaching N484.568 billion.

 

Moreover, the financial update discloses that the Excess Crude Account (ECA) concluded last month with a balance of $473,754.57. This revelation deepens the understanding of Nigeria’s fiscal landscape, underscoring the intricacies of revenue distribution and management.