FAAC shares N1.1trn December allocation with FG, states, LGAs

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

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for January 2024, a statement by the Director of Press and Public Relations under the Office of the Accountant General of the Federation, Bawa Mokwa, said Tuesday.

The meeting was reportedly chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The N1,127.408 billion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.

Last December, the total deductions for cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.

Meanwhile, the balance in the Excess Crude Account (ECA) for last month was put at $473,754.57