FAAC Shares ₦1.1 Trillion Revenue To FG, States, LGs

The Federation Account Allocation Committee (FAAC) distributed a substantial sum of ₦1.123 trillion from the March 2024 Federation Account revenue to the federal, state, and local government tiers on Friday. The allocation, as reported by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, reflects an uptick in several major revenue streams, including import duty, value-added tax (VAT), gas royalty, and companies’ income tax (CIT). According to a communique released after FAAC’s April meeting, the total distributable revenue consisted of ₦311.233 billion from distributable statutory revenue, ₦511.879 billion from distributable VAT revenue, ₦14.754 billion from Electronic Money Transfer Levy (EMTL), and ₦285.525 billion from exchange difference revenue. The total available revenue for March was ₦1,867,808,000,000. Deductions for the cost of collection amounted to ₦69.537 billion, while transfers, interventions, and refunds totaled ₦674.880 billion. March’s gross statutory revenue was ₦1.017 trillion, a decrease of ₦175.212 billion from February’s ₦1.192 trillion. Conversely, the gross revenue available from VAT for the same period was ₦549.698 billion, marking an increase of ₦89.210 billion over the previous month. The communique detailed that the Federal Government received ₦345.890 billion, state governments were allocated ₦398.689 billion, and local government councils received ₦288.688 billion. Additionally, mineral-producing states received ₦90.124 billion as a 13% derivation of mineral revenue. From the ₦311.233 billion distributable statutory revenue, the Federal Government received ₦133.960 billion, state governments ₦67.946 billion, and local government councils ₦52.384 billion. A total of ₦56.943 billion was distributed as derivation revenue to the benefiting states. For the distributable VAT revenue of ₦511.879 billion, the Federal Government received ₦76.782 billion, state governments ₦255.940 billion, and local government councils ₦179.158 billion. The allocation of the ₦14.754 billion EMTL revenue saw the Federal Government receiving N2.213 billion, state governments ₦7.377 billion, and local government councils ₦5.164 billion. Furthermore, from the ₦285.525 billion in exchange difference revenue, the Federal Government was allotted ₦132.935 billion, state governments ₦67.426 billion, and local government councils ₦51.983 billion, with an additional ₦33.181 billion shared as derivation revenue with the mineral-producing states.

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

FAAC: FG, States, LGs share N966.110bn July allocation

The Federation Account Allocation Committee (FAAC) has shared a total sum of N966.110 billion July 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.    This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.  The N966.110 billion total distributable revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.    In July 2023, the total deductions for cost of collection was N62.419 billion and total deductions for savings, transfers, refunds and tax credit cancellation was N717.962 billion.  The balance in the Excess Crude Account (ECA) was $473,754.57 The communiqué stated that from the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, the State Governments received N310.670 billion and the Local Government Councils received N229.409 billion. A total sum of N51.545 billion was shared to the relevant States as 13% derivation revenue.  Gross statutory revenue of N1150.424 billion was received for the month of July 2023. This was lower than the sum of N1152.921 billion received in the month of June 2023 by N2.497 billion.   From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State Governments received N96.619 billion and the Local Government Councils received N74.489 billion. The sum of N35.822 billion was shared to the relevant States as 13% derivation revenue.   For the month of July 2023, the gross revenue available from the Value Added Tax (VAT) was N298.789 billion.  This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.    The Federal Government received N40.792 billion, the State Governments received N135.974 billion and the Local Government Councils received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue. The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion. From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State Governments received N71.658 billion, the Local Government Councils received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 percent mineral revenue.  Also, in the month under review, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally.  Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.