According to a communiqué released by the Federal Accounts Allocation Committee (FAAC) following its meeting on Tuesday, the Gross Revenue available from VAT for December 2022 was N250.512 billion.
Of this amount, N7.215 billion was allocated to the Northeast Development Commission Project, while N10.020 billion was given to the Federal Inland Revenue Service and the Nigeria Customs Service as the Cost of Collection.
The remaining balance of N233.277 billion was distributed among the Federal Government, states, and local government councils, with the Federal Government receiving N34.992 billion, states receiving N116.639 billion, and local government councils receiving N81.647 billion.
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Additionally, the Gross Statutory Revenue of N1136.183 billion was received for the month of December 2022. From this, N31.531 billion was given as Cost of Collection, and N396.896 billion was released for Transfers, Savings, and Refunds.
The remaining balance of N707.756 billion was allocated among the Federal Government, states, and local councils, with the Federal Government receiving N325.105 billion, states receiving N165.897 billion, and local councils receiving N127.129 billion. Oil Derivation (13% of Mineral Revenue) for oil-producing states received N90.625 billion.
The communiqué also stated that N24.315 billion received as EMTL was distributed among the three tiers of government, with the Federal Government receiving N3.648 billion, states receiving N12.157 billion, and local councils receiving N8.510 billion. N24.841 billion from Exchange Gain was also shared among the Federal Government, states and local councils. Oil Derivation (13% of Mineral Revenue) received N2.894 billion.
FAAC also reported that Petroleum Profit Tax, Companies Income Tax, and VAT recorded significant increases, while Import Duty decreased considerably. Oil and Gas royalties and excise duty increased marginally.
The total revenue distributable for December 2022 was drawn from Statutory Revenue of N707.756 billion, VAT of N233.277 billion, Exchange Gain of N24.841 billion, and N24.315 billion from EMTL, bringing the total distributable for December 2022 to N990.189 billion.
