The three tires of governments, comprising federal, states and local government councils, shared a total of N750.174 billon as revenue approved for the month of January.
A statement issued by the Federation Account Allocation Committee (FAAC) said the sum approved comprise Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levies (EMTL) and Augmentation and an additional sum of N15 billion from savings.
Of the amount, the Federal Government received N277.334 billion, the states received N244.975 billion, the local government councils got N180.135 billion, while the Mineral Producing States received N32.730 billion as Derivation, (13% of Mineral Revenue).
According to the statement, N15 billion from Savings will be shared accordingly to the three tiers of government.
Gross Revenue available from the Value Added Tax (VAT) was N250.009 billion, as against N250.512 billion distributed in the preceding month – a decrease of N0.503 billion.
From the amount, N10 billion was allocated to the cost of collection, while the sum of N7.2 billion was allocated to transfers, savings, recoveries and refunds. The remaining N232.809 billion was distributed as follows: Federal Government got N34.921 billion, the states received N116.405 billion, while the councils got N81.483 billion.
Accordingly, the gross statutory revenue of N653.703 billion for the month was lower than the N1136.183 billion received in the previous month by N482.479 billion. From the amount, the sum of N23.494 billion was cost of collection while N241.091 billion was allocated to transfers, savings and refunds. The remaining balance of N389.118 billion was distributed as follows: Federal Government received N189.745 billion, states got N95.227 billion, LGCs received N73.416 billion, and Derivation (13% to Mineral Producing States) got N32.730 billion.
Also, the sum of N13.799 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government as follows; the Federal Government received N1.987 billion, states got N6.624 billion, councils received N4.636 billion, while the sum of N0.552 billion was allocated to Cost of Collection.
The balance in the Excess Crude Account (ECA) stood at $473,754.57.
