FAAC shares N903bn September revenue to federal, state, LGAs

FAAC has shared N903bn September revenue to federal, state, and LGAs.

CityNews reports that the Federation Account Allocation Committee (FAAC) has shared N903.480 billion September 2023 Federation Account Revenue to the Federal, State, and Local Governments.

This Nigeria news platform understands that Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of Federation, said that the FAAC communique put the total revenue available in September 2023 at N1,594.763 billion.

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

The communique issued by the FAAC at its October 2023 meeting 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.

Total deductions for the cost of collection were N54.426 billion, total transfers and refunds were N347.857 billion, and savings were N289.000 billion.

Gross statutory revenue of N1,014.953 billion was received for September 2023, which was higher than the N891.934 billion received in August 2023 by N123.019 billion.

The gross revenue from the Value Added Tax (VAT) was N303.550 billion, lower than the N345.727 billion available in August 2023 by N42.177 billion.

The communique stated that from the N903.480 billion total distributable revenue, the Federal Government received N320.543 billion, the State Governments received N287.071 billion, and the Local Government Councils went home with N210.900 billion.

N84.966 billion (13% of mineral revenue) was shared with the relevant States as derivation revenue.

From the N423.012 billion distributable statutory revenue, the Federal Government got N190.849 billion, the State Governments received N96.801 billion, and the Local Government Councils pocketed N74.629 billion.

N60.733 billion (13 per cent of mineral revenue) was shared with 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: the Federal Government pocketed 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.

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.