.Excess Crude Account slides to $473,754.57
The Federation Account Allocation Committee (FAAC) has shared N1.127.408 trillion to the federal, states and local councils out of the N1, 674.230 trillion generated in December.
At the January 2024 FAAC meeting, chaired by Accountant- General of the Federation, Mrs Oluwatoyin Madein, from the stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N383.872 billion, the states got N396.693 billion, the councils had N288.928 billion, while the oil-producing states smiled home with N57.915 billion as 13 per cent derivation.
A communique issued at the end of the meeting revealed that N62.254 billion was given for cost of collection, and N484.568 billion allocated for transfers, intervention and refunds.
It was indicated that the gross revenue available from the Value Added Tax (VAT) for December 2023 was N492.506 billion, a leap from the N360.455 billion distributed in the preceding month, resulting in an increase of N132.051 billion.
From that amount, N19.700 billion was allocated for cost of collection and N14.184 billion for transfers, intervention and refunds. The remaining N458.622 billion was distributed to the three tiers of government, out of which the Federal Government got N68.793 billion, the states received N229.311 billion, while the local councils went home with N160.518 billion.
Accordingly, the Gross Statutory Revenue of N875.382 billion received in the month was N7.178 billion lower than the N882.560 billion got in November. From that amount, N44.810 billion was allocated for cost of collection and N470.384 billion for transfers, intervention and refunds. The balance of N363.188 billion was distributed to the three tiers of government.
The Federal Government was allocated N173.729 billion, states received N88.118 billion, councils got N67.935 billion, while oil derivation (13% Mineral Revenue) got N33.406 billion.
Also, the sum of N18.599 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: the Federal Government received N2.678 billion, states got N8.928 billion, local councils received N6.246 billion, while N0.744 billion was allocated for cost of collection.
The communique added that N287.743 billion from exchange difference was shared as follows: Federal Government (N138.672 billion); states (N70.336 billion); N54.226 billion went to councils and N24.599 billion for derivation (13% of Mineral Revenue).
Company Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) increased significantly, while Oil and Gas Royalties decreased substantially. Customs External Tariff levies (CET) and Import Duty decreased marginally.
The balance in the Excess Crude Account (ECA) as at January 23, 2024 stands at $473,754.57.
