The Federation Account Allocation Committee (FAAC) has disbursed N750.174 billion to the three tiers of the Nigerian government as Federation Allocation for January 2023. This amount includes Gross Statutory Revenue, Value Added Tax (VAT), augmentation from Non-Mineral Revenue, N15.000 billion in additional savings, and Electronic Money Transfer Levies (EMTL).
The Federal Government received N277.334 billion, the States received N244.975 billion, the Local Government Councils received N180.135 billion, and the Mineral Producing States received N32.730 billion as Derivation, which is 13% of Mineral Revenue — this information contained in a communiqué issued by the Commission at the end of its meeting on Monday.
In addition, VAT’s Gross Revenue was N250.009 billion, Gross Statutory revenue was N653.703 billion, and N13.799 billion was received from EMTL. Meanwhile, Nigeria spent approximately N282.332 billion on collection and transfers, savings, recoveries, and refund costs. The Excess Crude Account (ECA) balance as of February 20, 2023, stands at $473,754.57.
