FAAC: FG, States, LG Share N750bn in January

By Omotayo Toyeeb
The federal, state and local governments have shared N750.174 billion as Federation Allocation for January 2023.
According to the figure released by the Federation Account Allocation Committee (FAAC), at its meeting, the sum included the Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levies (EMTL), Augmentation from Non- Mineral Revenue, and an additional sum of N15.000 billion from Savings.
In a communiqué issued at the end of its latest meeting in Abuja on Monday, FAAC said the Federal Government received N277.334 billion, state governments received N244.975 billion, and the Local Government Councils got N180.135 billion. Similarly, the Mineral Producing States received N32.730 billion as Derivation (13% of Mineral Revenue).
The figure represents a decrease of N240.02bn compared to the N990.19bn shared in December 2022.
It was also noted that the gross revenue available from the Value Added Tax for January 2023 was N250.01bn, as against N250.51bn distributed in the preceding month, resulting in a decrease of N0.503bn.