FAAC Disburses N906.955bn from October Revenue to FG, States, LGs

By Aduragbemi Omiyale

From the N1.345 trillion generated by Nigeria from different sources in October 2023, the sum of N906.955 billion was shared to the federal, states and local governments by the Federation Account Allocation Committee (FAAC) at a meeting held on Wednesday, November 23, 2023.

This is according to a communiqué issued at the end of the gathering last night by FAAC.

The amount disbursed, according to the statement, comprised a statutory revenue of N305.070 billion, Value Added Tax (VAT) of N323.446 billion, Electronic Money Transfer Levy (EMTL) of N15.552 billion, Exchange Difference of N202.887 billion and Augmentation of N60.000 billion.

In the month under review, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (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 was disclosed that the funds went down to N906.955 billion from N1.345 trillion after deducting N386.081 billion as total transfers, interventions and refunds, and removing N53.483 billion as the cost of collection.

Of the N906.955 billion, the federal government received N323.355 billion, state governments got 307.717 billion and the local government councils were given N225.209 billion, while N50.674 billion was shared to the relevant states as 13 per cent of mineral revenue.

Also, from the N305.070 billion distributable statutory revenue, the federal government received N147.574 billion, the state governments went home with N74.852 billion and the councils received N57.707 billion, while the relevant states got N24.937 billion as derivation revenue.

Further, From the N323.446 billion VAT revenue, FAAC shared N48.517 billion to the federal government, N161.723 billion to the state governments and N113.206 billion to the councils.

In addition, of the N15.552 billion EMTL, the federal, state, and local governments got N2.333 billion, N7.776 billion and N5.443 billion, respectively.

It was disclosed that from the N202.887 billion Exchange Difference revenue, the federal government went away with N93.323 billion, the state governments got N47.334 billion, and the 774 local government areas received N36.493 billion, while N25.737 billion was given to the relevant states as derivation revenue.

According to the communiqué, the central government got N31.608 billion from the N60.000 billion augmentation, the 36 states got N16.032 billion, and the councils shared N12.360 billion.