The Federation Accounts Allocation Committee (FAAC) on Friday allocated a total of N699.824 billion to the federal government, states and local government councils, as December revenue.
This was contained in a statement issued at the end of a virtual meeting of the FAAC for January 2022.
The allocation represents a N23.878 billion increase over the revenue distributed in November, 2021.
According to the statement, out of the amount, the Federal Government received N279.457billion, the state governments received N221.190 billion and the local government councils received N163.879 billion. The sum of N35.297 billion was shared to the relevant states as 13 per cent derivation revenue.
The N699.824 billion total distributable revenue comprised distributable statutory revenue of N507.267 billion; distributable Value Added Tax (VAT) revenue of N187.409 billion and Exchange Gain of N5.148 billion.
From this, the federal government received N248.885 billion, state governments received N126.238 billion while the local government councils received N97.324 billion.
The sum of N34.820 billion was shared to the relevant states as 13 per cent derivation revenue.
The statement further revealed that a total of N201.255 billion was made available as the gross revenue available from VAT in December, representing an increase from the N196.175 billion available in the month of November 2021.
The sum of N5.796 billion allocation to the North East Development Commission (NEDC) and N8.050 billion cost of collection were deducted from the N201.255 billion gross VAT revenue, resulting in the distributable VAT revenue of N187.409 billion.
From the remaining N187.409 billion VAT revenue available for distribution, the FG received a total of N28.111 billion while states got N93.705 billion and the local government councils received N65.593 billion.
