Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that the Federation Account Allocation Committee distributed N750.17 billion among the three tiers of government in January 2023. This amount represents a decrease of N240.02 billion compared with the N990.19 billion shared in December 2022, as disclosed in a communiqué issued after the Committee’s latest meeting in Abuja on Monday.
The total allocation includes gross statutory revenue, Value Added Tax (VAT), electronic money transfer levies, an augmentation from non‑mineral revenue, and an additional N15 billion from savings. The Federal Government received N277.33 billion, the states received N244.98 billion, local government councils got N180.14 billion, and the mineral‑producing states received N32.73 billion as derivation (13 percent of mineral revenue).
For VAT, the gross revenue available for January 2023 was N250.01 billion, down from N250.51 billion in the previous month, a decline of N0.503 billion. The electronic money transfer levies (EMTL) amounted to N13.8 billion and were distributed as follows: the Federal Government received N1.987 billion, the states got N6.62 billion, local government councils received N4.64 billion, and N0.55 billion was allocated to the cost of collection.
The communiqué also reported an augmentation of N100 billion from non‑mineral revenue, shared as N52.68 billion to the Federal Government, N26.72 billion to the states, and N20.60 billion to local government councils. Finally, it noted that the balance in the Excess Crude Account as of 20 February 2023 stood at $473,754.57.
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