FAAC shares N906bn among federal, states, LGs for October

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The three tiers of government- Federal, State, and Local Governments received 906.96 billion as revenue from the Federation Account Allocation Committee in October 2023.

Stephen Kilebi, Director of Press and Public Relations of the Ministry of Finance disclosed this on Wednesday in a communique.

According to the communique, the N906.955 revenue is a part of the federation’s total N1.35 trillion revenue generation in October.

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The total figure shared for October represents an increase of N3.48 billion compared to the N903.48 billion shared in September 2023, recovering from a decrease recorded in the previous month.

The total revenue distributable for October 2023 was drawn from Statutory Revenue of N305.070 billion, VAT of N323.446 billion, EMTL of N15.552 billion, Exchange Difference of N202.887 billion and Augmentation of N60.000 billion, bringing the total distributable amount for the month to N906.955 billion.

Accordingly, the Federal Government received N323.355 billion, the States received N307.717 billion, the Local Government Councils got N225.209 billion, while the Oil Producing States received N50.674 billion as Derivation (13 per cent of Mineral Revenue).

“The Federation Account Allocation Committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for October 2023 was N347.343 billion, which was an increase from the N303.550 billion distributed in the preceding month, increasing to N43.793 billion.

“From that amount, N10.894 billion was allocated for the Cost of Collection, and N10.003 billion was given for Transfers, Intervention and Refunds. The remaining sum of N323.446 billion was distributed to the three tiers of government, of which the Federal Government got N48.517 billion, the States received N161.723 billion, and Local Government Councils got N113.206 billion.

“Accordingly, the Gross Statutory Revenue of N660.090 billion received in the month was lower than the sum of N1,014.953 trillion received in the previous month of September 2023 by N354.863 billion. From that amount, the sum of N38.942 billion was allocated for the Cost of Collection and a total sum of N316.078 billion for Transfers, Intervention and Refunds.

“The remaining balance of N305.070 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N147.574 billion, States got N74.852 billion, LGCs got N57.707 billion, and Oil Derivation (13 per cent Mineral Revenue) got N24.937 billion,” it said.

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