FAAC: FG, States, LGs Share N906.955bn October Revenue
The Federation Account Allocation Committee (FAAC) has shared the total sum of N906.955 billion Federation Account Revenue to the Federal Government, States and Local Government Councils for the month of October 2023. A breakdown of the amount according to a communique issued by the FAAC revealed that total distributable revenue comprises statutory revenue of N305.070 billion, Value Added Tax (VAT) of N 323.446 billion, Electronic Money Transfer Levy (EMTL) of N15.552 billion, Exchange Difference of N202.887 billion and Augmentation of N60.000 billion. According to the communique, total revenue of N1,346.519 billion 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, lower than the N1,014.953 trillion 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, higher than the N303.550 billion available in the month of September 2023 by N43.793 billion. Of the N906.955 billion, the Federal Government received N323.355 billion, State Governments got 307.717 billion and the Local Government Councils took home N225.209 billion. The 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 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. The Augmentation of N60.000 billion was shared as follows: Federal Government received N31.608, the State Governments received N16.032 billion and the Local Government Councils received N 12.360 billion In the month under review, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and Electronic Money Transfer Levy (EMTL) increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.
FAAC: FG, States, LGs Share N903.480bn September Allocation
The Federation Account Allocation Committee (FAAC) has shared a total sum of N903.480 billion September 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils. A communique issued by the FAAC at its October, 2023 meeting Tuesday, indicated that the N903.480 billion total distributable revenue comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N 282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion. According to the communique, total revenue of N1594.763 billion was available in the month of September 2023. Total deductions for cost of collection was N54.426 billion, total transfers and refunds was N347.857 billion and savings was N289.000 billion. Gross statutory revenue of N 1014.953 billion was received for the month of September 2023. This was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion. The gross revenue available from the Value Added Tax (VAT) was N303.550 billion. This was lower than the N345.727 billion available in the month of August 2023 by N42.177 billion. The communique stated that from the N903.480 billion total distributable revenue, the Federal Government received a total of N320.543 billion, the State Governments received N287.071 billion and the Local Government Councils received N210.900 billion. A total sum of N84.966 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue. “From the N423.012 billion distributable statutory revenue, the Federal Government received N190.849 billion, the State Governments received N96.801 billion and the Local Government Councils received N74.629 billion. The sum of N60.733 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue. “The Federal Government received N42.400 billion, the State Governments received N141.333 billion and the Local Government Councils received N98.933 billion from the N282.666 billion distributable Value Added Tax (VAT) revenue. “The N10.989 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.648 billion, the State Governments received N5.495 billion and the Local Government Councils received N3.846 billion. “The Federal Government received N85.647 billion from the N186.813 billion Exchange Difference revenue. The State Governments received N43.442 billion, and the Local Government Councils received N33.491 billion. The sum of N24.233 billion (13% of mineral revenue) went to the relevant States as derivation revenue,” the communique stated. In the month of September 2023, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT) and CET Levies recorded significant decreases. The balance in the Excess Crude Account (ECA) was $473,754.57