FAAC: FG, states, LGCs share N906bn in October

The Federation Account Allocation Committee (FAAC), on Wednesday, shared the sum of N906.955 billion among the three tiers of government as federation allocation for the month of October.

This is contained in a communique issued in Abuja after the FAAC retreat and meeting in Asaba.

The communique indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added Tax (VAT) revenue of N323.446 billion and Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion.

It also comprised Exchange Difference revenue of N202.887 billion and Augmentation of N60.000 billion.

The Communiqué said the total revenue of N1,346.519 trillion was available in the month of October 2023.

“Total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion.

“Gross statutory revenue of N 660.090 billion was received for the month of October 2023. This was lower than the N1,014.953 billion received in the month of September 2023 by N354.863 billion.

“The gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion,” the communique said.

It further said that from the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the state governments received N307.717 billion and the Local Government Councils (LGCs) received N225.209 billion.

“A total sum of N50.674 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

“From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the state governments received N74.852 billion and the LGCs received N57.707 billion.

” The sum of N24.937 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

“The Federal Government received N48.517 billion, the state governments received N161.723 billion and the LGCs received N113.206 billion from the N323.446 billion distributable VAT revenue.

“The N15.552 billion EMTL was shared as follows:

“The Federal Government received N2.333 billion, the state governments received N7.776 billion and the LGCs received N5.443 billion,” It said.

It said that the Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue, while the state governments received N47.334 billion, and the LGCs received N36.493 billion.

“The sum of N25.737 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue,” it said.

It explained that the augmentation of N60.000 billion was shared as follows:

“Federal Government received N31.608, the state governments received N16.032 billion and the LGCs received N 12.360 billion,” it said.

The communique said that Import Duty, Petroleum Profit Tax (PPT VAT, CET Levies and EMTL increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases.

“Oil and Gas Royalties decreased marginally,” it said.