The three tiers of government shared a total of N750.17 billion among the three tiers of government in January 2023.
The figure represents a decrease of N240.02bn compared to the N990.19 billion shared in December 2022.
The Federation Account Allocation Committee (FAAC) revealed this in a statement issued at the end of its meeting held in Abuja yesterday.
The total amount includes gross statutory revenue; value added tax, electronic money transfer levies, augmentation from non-mineral revenue, and an additional sum of N15bn from Savings.
According to the statement, the federal government received N277.33 billion, states received N244.98bn, local government councils got N180.14 billion, while the mineral producing states received N32.73 billion as derivation (13 per cent of mineral revenue).
It was also noted that the gross revenue available from the value added tax for the month of January, 2023 was N250.01 billion, as against N250.51 billion distributed in the preceding month, resulting in a decrease of N0.503 billion.
It added that the sum of N13.8 billion from the electronic money transfer levies was distributed to the three tiers of government as follows.
The breakdown for EMTL showed “the federal government received N1.987 billion, States got N6.62 billion, local government councils received N4.64 billion, while the sum of N0.55bn was allocated to cost of collection.”
FAAC also stated that the augmentation of the sum of N100 billion from non-mineral revenue, which was shared accordingly as follows: Federal Government received N52.68 billion, States got N26.72 billion, local government councils received N20.60 billion.
The committee also disclosed that the balance in the excess crude account as at February 20th, 2023 stands at $473,754.57.
