FAAC Allocates N903.4bn to FG, States, Local Councils for October 2023

October 25, 2023
FAAC allocation

By Bliss Okperan

The Federation Account Allocation Committee (FAAC) has shared N903.480 billion from the revenue generated by the nation in September 2023 to the Federal Government (FG), States, and Local Government Councils (LGCs).

The funds were allocated to the three tiers of government at the FAAC meeting for October 2023 held on Tuesday in Abuja.

A communiqué issued after the gathering disclosed that the N903.480 billion total distributable revenue was earned into the Federation Account Revenue last month.

It noted that it comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion, and Exchange Difference revenue of N186.813 billion.

In September 2023, the total deduction for the cost of collection stood at N54.426 billion, as the total deduction for transfers and refunds stood at N347.857 billion, while savings stood at N289.000 billion

It was disclosed that the total revenue was N1.594 trillion, while the gross statutory revenue was N1.015 trillion versus N891.9 billion received in August.

From the N903.480 billion distributable statutory revenue, the federal government received N320.543 billion, the state governments received N287.071, and the local government areas received N210.900 billion, while N84.966 billion was shared to the relevant states as 13 per cent derivation revenue.

Also, the federal government received N42.400 billion from the N282.666 billion VAT earnings, the state governments received N141.333 billion, and the Local Government Councils received N98.933 billion.

In addition, from the N10.989 billion Electronic Money Transfer Levy (EMTL), the federal government got N1.648 billion, the state governments got N5.495 billion, and the councils were given N3.846 billion.

Also, from the N186.813 billion Exchange Difference revenue, the federal government received N85.647 billion, the state governments received N43.442 billion, the local government councils received N33.491 billion and the sum of N24.233 billion was shared with the relevant states as 13 per cent mineral revenue.

The disclosure stated that in the period under review, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, VAT, and Import and Excise Duties increased significantly, while EMTL decreased marginally.

As for the amount left in the Excess Crude Account (ECA), the statement said it was $473,754.57.

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