FAAC shares N903.4bn September revenue among Federal Government, States, LG Councils

*Nigeria’s Federation Account Allocation Committee says it received gross statutory revenue of N 1014.953 billion for September 2023, the figure which was higher than the N891.934 billion the FAAC received August this year by N123.019 billion

Isola Moses | ConsumerConnect

The Federation Account Allocation Committee (FAAC) has disclosed it  shared total N903.4 billion September 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils (LGCs) in Nigeria.

Bawa Mokwa, Director of Press and Public Relations at FAAC, stated the information was contained in a communiqué issued at the end of the Committee’s meeting for October 2023.

The statement noted: “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.”

FAAC also said in September 2023, the total deductions for cost of collection amounted to N54.4 billion, while the total deductions for transfers, savings and refunds were totalled N289 billion.

The Committee explained: “The balance in the Excess Crude Account (ECA) was $473,754.57.

“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 communiqué  confirmed that from the total distributable revenue of N903.480 billion, the Federal Government received N320.543 billion, the State Governments received N287.071 billion and the Local Government Councils received N210.900 billion.

According to FAAC, the Committee shared a total sum of N84.966 billion (13% of mineral revenue) to the relevant States as derivation revenue for last month.

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.

FAAC further stated that the sum of N24.233 billion (13% of mineral revenue) went to the relevant States as derivation revenue.

In 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, said the Committee.

The balance in the Excess Crude Account (ECA) was $473,754.57.