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 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.