FG, others Share N1 trn; Nigerians Grumble Under Economic Hardship

The federal government has announced that the fedaration Account Allocation Committee, FAAC shared s over N990 billion between the federal, states and local governments for the month of December 2022.

This is N90 billion more than the N200 billion shared by th3 three  tiers of government  in November . 2022.
The amount was collected from various federal government revenue sources, which include Value Added Tax, VAT, Exchange Gain and Electronic Money Transfer Levies, EMTL, the government said.

This was contained in a statement issued by Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning.

According to the statement, out of the the N990 billion, the federal government received N375.306 billion, the 36 states of the federation and the FCT received N299.557 billion, while the 774 local government councils got N221.807 billion.

It added that, oil-producing states received N93.519 billion as 13 per cent of mineral derivation revenue.
Meanwhile, a communiqué issued by FAAC at the end of its meeting on Tuesday indicated that Gross Revenue available from VAT for Dec. 2022 was N250.512 billion.

“From the VAT collected, N7.215 billion was allocated to the Northeast Development Commission Project, while the Federal Inland Revenue Service and the Nigeria Customs Service got N10.020 billion as Cost of Collection.

“From the balance of N233.277 billion, the Federal Government got N34.992 billion; states received N116.639 billion, while local government councils got N81.647 billion.

“Gross Statutory Revenue of N1136.183 billion was received for the month of December 2022.
“From this amount, N31.531 billion was given as Cost of Collection and N396.896 billion released to Transfers, Savings and Refunds.

“From the balance of N707.756 billion, N325.105 billion was allocated to the Federal Government; N165.897 billion was allocated to states, while local councils got N127.129 billion.

“Oil Derivation (13 per cent Mineral Revenue) for oil-producing states got N90.625 billion,’’ the communique stated.

Meanwhile, critics of the government  said citizens ae yet to feel  the impact of increase in the revenue shared by the three levels of government. This is so, they insist, due to the backlog  of salary arrears being owed civil servants and retired employees of state.