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FAAC allocates N906.955bn to FG, States, and LGCs for October

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FAAC allocates N906.955bn to FG, States, and LGCs for October

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The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N906.955 billion as the Federation Account Revenue for October 2023, distributed among the Federal Government, States, and Local Government Councils.

In a communique released at the conclusion of its meeting in Asaba, Delta state, the committee outlined the breakdown of the N906.955 billion total distributable revenue. This comprised distributable statutory revenue of N305.070 billion, Value Added Tax (VAT) revenue of N323.446 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion, Exchange Difference revenue of N202.887 billion, and an augmentation of N60.000 billion.

The gross revenue for October reached N1.346 trillion, with total deductions for the cost of collection amounting to N53.483 billion, and total transfers, interventions, and refunds reaching N386.081 billion.

In terms of a month-on-month comparison, the gross statutory revenue of N660.090 billion in October was lower than the N1,014.953 billion recorded in September by N354.863 billion. However, the gross revenue from VAT increased to N347.343 billion in October, surpassing the N303.550 billion reported in September by N43.793 billion.

Breaking down the revenue distribution, the federal government received N323.355 billion, state governments received N307.717 billion, and Local Government Councils were allocated N225.209 billion from the total distributable revenue of N906.955 billion.

Specifically, from the distributable statutory revenue of N305.070 billion, the federal government received N147.574 billion, state governments received N74.852 billion, and Local Government Councils received N57.707 billion. Additionally, N24.937 billion (13% of mineral revenue) was shared as derivation revenue to relevant states.

The distributable VAT revenue of N323.446 billion saw the federal government receiving N48.517 billion, state governments receiving N161.723 billion, and Local Government Councils getting N113.206 billion.

The Electronic Money Transfer Levy (EMTL) of N15.552 billion was allocated with the federal government receiving N2.333 billion, state governments receiving N7.776 billion, and Local Government Councils receiving N5.443 billion.

Furthermore, the Exchange Difference revenue of N202.887 billion was distributed with the federal government receiving N93.323 billion, state governments receiving N47.334 billion, and Local Government Councils receiving N36.493 billion. Additionally, N25.737 billion (13% of mineral revenue) was shared as derivation revenue to relevant states.

Lastly, out of the N60 billion Augmentation, the federal government received N31.608 billion, state governments received N16.032 billion, and Local Government Councils received N12.360 billion.