For the month of December 2021, the Federation Account Allocation Committee (FAAC) distributed N699.82 billion to the three tiers of government.
This was announced in a communique released on Friday following a virtual FAAC meeting scheduled for January 2022.
The total distributable revenue of N699.824 billion was made up of N507.267 billion in distributable statutory revenue, N187.4 billion in distributable Value Added Tax revenue, and N5.148 billion in exchange gain.
The total deductions for cost of collection in December 2021 were N30 billion, and the total deductions for statutory transfers, refunds, and savings were N36.64 billion. The Excess Crude Account had a balance of $35.36 million.
The communiqué also states that the federal government received N279.457 billion, state governments received N221.19 billion, and local government councils received N163.87 billion from the total distributable revenue of N699.82 billion.
As a result of the 13 percent derivation revenue, a total of N35.29 billion was distributed to the relevant states.
For the month, N507.26 billion in distributable statutory revenue was available.
The federal government received N248.88 billion, state governments N126.23 billion, and local government councils N97.32 billion from this. As a result of the 13 percent derivation revenue, a total of N34.82 billion was distributed to the relevant states.
The gross revenue available from VAT in December 2021 was N201.25 billion. This was N5.08 billion more than the N196.175 billion available in November 2021.