FAAC shares N907.5bn to FG, States, LGs in October

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

A communique issued by the committee at the end of its meeting in Asaba, Delta state, yesterday indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, Value Added Tax (VAT) revenue of N 323.446 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion, Exchange Difference revenue of N 202.887 billion and Augmentation of N60.000 billion.

According to the communique sent to the media by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, gross revenue in October stood at N1.346 trillion.

otal deductions for cost of collection was N53.483 billion, while total transfers, interventions and refunds was N386.081 billion.

Gross statutory revenue of N 660.090 billion was received in the month under review, which indicated it was lower than the N1,014.953 billion received in the month of September by N354.863 billion.

he gross revenue available from the VAT was N347.343 billion, which was higher than the N303.550 billion available in the month of September by N43.793 billion.

Details of the revenue distribution among the three tiers of government showed that from the N906.955 billion total distributable revenue, the federal government received the sum of N323.355 billion, state governments N307.717 billion and the Local Government Councils received N225.209 billion.

A total sum of N50.674 billion (13% 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 Local Government Councils received N57.707 billion. The sum of N24.937 billion (13% 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 Local Government Councils received N113.206 billion from the N323.446 billion distributable VAT revenue.

The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.333 billion, the State Governments received N7.776 billion and the Local Government Councils received N5.443 billion.

The federal government received N93.323 billion from the N202.887 billion Exchange Difference revenue. The State Governments received N47.334 billion, and the Local Government Councils received N36.493 billion. The sum of N25.737 billion (13% of mineral revenue) went to the relevant States as derivation revenue.

Out of the N60 billion Augmentation, the federal government received N31.608, the states got N16.032 billion, while the Local Government Councils received N 12.360 billion.

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