FAAC shares N903.480 bn September revenue to FG, states, LGs

The Federation Account Allocation Committee (FAAC) has shared a total of N903.480 billion September 2023 Federation Account Revenue to the Federal Government, states and Local Government Councils (LGCs).

This is contained in a communique issued by the FAAC at the end of its October meeting held in Abuja on Tuesday.

The communique indicated that the N903.480 billion total distributable revenue comprised distributable statutory revenue of N423.012 billion, Value Added Tax (VAT) revenue of N282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion.

It stated that a total revenue of N1594.763 billion was available in the month of September 2023.

“Total deductions for cost of collection was N54.426 billion, total transfers and refunds was N347.857 billion and savings was N289.000 billion,” the committee stated.

It said that gross statutory revenue of N1014.953 billion was received for September, which was higher than the N891.934 billion received in August by N123.019 billion.

It added that the gross revenue available from VAT was N303.550 billion, which was lower than the N345.727 billion available in August by N42.177 billion.

“From the N903.480 billion total distributable revenue, the Federal Government received a total of N320.543 billion, the state governments received N287.071 billion and the LGCs received N210.900 billion.

“A total sum of N84.966 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

“From the N423.012 billion distributable statutory revenue, the Federal Government received N190.849 billion, the state governments N96.801 billion and LGCs received N74.629 billion.

“The sum of N60.733 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue,’” it said.

It said that the Federal Government received N42.400 billion, the state governments received N141.333 billion and the LGCs received N98.933 billion from the N282.666 billion VAT revenue.

The communique further said that N10.989 billion EMTL was shared as follows:

The Federal Government received N1.648 billion, the state governments received N5.495 billion and the Local Government Councils received N3.846 billion.

“The Federal Government received N85.647 billion from the N186.813 billion Exchange Difference revenue, the state governments received N43.442 billion, and the LGCs received N33.491 billion.

“The sum of N24.233 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue.

“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars,” it said.

It was reported that in September, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while VAT, Import and Excise Duties, EMTL, Companies Income Tax (CIT) and CET Levies recorded significant decreases.