February 29, 2024
FAAC Disburses N1.1trn December Allocation To FG, States, LG
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FAAC Disburses N1.1trn December Allocation To FG, States, LG

The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion December 2023 allocation to the Federal Government, States and Local Government councils.

In a communiqué issued at the end of the (FAAC) meeting for January 2024, the Director of Press and Public Relations under the Office of the Accountant General of the Federation, Bawa Mokwa, said the N1.1 trillion total distributable revenue comprised distributable statutory revenue of N363 billion, distributable Value Added Tax (VAT) revenue of N458 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.8 billion and Exchange Difference revenue of N287 billion.

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The meeting was chaired by the Accountant General of the Federation, Oluwatoyin Madein.

Meanwhile, the balance in the Excess Crude Account (ECA) for last month was put at $473m.

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