The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion in December 2023 allocation to the federal government, states, and local government councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for January 2024, presided over by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

A statement by the Director of Press and Public Relations under the Office of the Accountant General of the Federation, Bawa Mokwa, said the 1.1 trillion-naira total distributable revenue comprised distributable statutory revenue of N363.188 billion.

Distributable Value Added Tax (VAT) revenue of N458.622 billion, and Exchange Difference revenue of N287.743 billion, among others.

N57.915 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.

Gross statutory revenue of N875.38 billion was received for December 2023. This was lower than the N882.56 billion received in November 2023 by N 7.178 billion.