The Federation Account Allocation Committee (FAAC) has disclosed that it shared N1.13 trillion among the three tiers of government as revenue from December 2023. This announcement came at the end of its latest meeting, as outlined in a statement by the Director (Press and Public Relations) of the Office of the Accountant General of the Federation, Bawa Mokwa. The N1.13 trillion figure represents a 3.67% increase from the N1.09 trillion shared for November 2023.
The total amount includes gross statutory revenue, Value Added Tax (VAT), Companies Income Tax (CIT), augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levy (EMTL), among others. This development signifies a significant financial injection into the economy, which is pivotal for government operations and public service delivery.
The statement further highlighted that the N1.13 trillion total distributable revenue comprises distributable statutory revenue of N363.188 billion, distributable value-added tax (VAT) revenue of N458.622 billion, electronic money transfer levy (EMTL) revenue of N17.855 billion, and exchange difference revenue of N287.743 billion.
This substantial sum is crucial for the operations and ongoing projects of the Federal Government, as well as the States and Local Government Councils, as it provides the necessary financial resources for continued development and governance. The prudent allocation and utilization of these funds will be imperative in driving progress across various sectors, including infrastructure, education, healthcare, and public welfare.
Given the increased amount shared for December 2023, it is evident that efforts to bolster revenue generation and collection have yielded positive outcomes. This signifies the potential for sustained financial growth and stability, which can contribute to the overall economic development of Nigeria. Additionally, the transparency and accountability demonstrated in the allocation process are essential for building trust and confidence among the populace and stakeholders.
In conclusion, the disclosure of the N1.13 trillion revenue allocation by the Federation Account Allocation Committee for December 2023 exemplifies a significant milestone in financial management and governance. It reflects a concerted effort to efficiently manage and distribute revenue for the benefit of the country and its citizens. Moving forward, continued emphasis on fiscal responsibility, resource optimization, and sustainable economic policies will be instrumental in ensuring the effective utilization and impact of these allocated funds.
