... disburses N1.1 trillion to states, LGAs
The Federation Account Allocation Committee (FAAC) has disbursed N1.127 trillion to the federal government, states, and local councils out of the N1.674 trillion generated in December.
The breakdown includes allocations for Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference.
The Federal Government received N383.872 billion, states got N396.693 billion, local councils had N288.928 billion, and oil-producing states received N57.915 billion as 13% derivation.
Additionally, N62.254 billion was allocated for cost of collection, and N484.568 billion was allocated for transfers, intervention, and refunds.
The gross revenue from VAT for December 2023 was N492.506 billion, an increase of N132.051 billion from the previous month.
The Gross Statutory Revenue of N875.382 billion received was N7.178 billion lower than in November
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