NEWS

FAAC Shares N1.1tr Revenue To FG , States, LGs

The Federation Account Allocation Committee (FAAC) disbursed a combined sum of N1.100 trillion to the federal government, states, and Local Government Councils.

This announcement came via a communique released during the September 2023 FAAC meeting held in Abuja. The statement was issued by Mr. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation.

This N1.100 trillion in total distributable revenue comprised N357.398 billion from distributable statutory revenue, N321.941 billion from Value Added Tax (VAT) revenue, N14.102 billion from Electronic Money Transfer Levy (EMTL) revenue, N229.568 billion from Exchange Difference revenue, and an augmentation of N177.092 billion.

The communique stated that the total revenue earned in August 2023 was N1.483 trillion. Deductions for the cost of collection amounted to N58.755 billion, total transfers and refunds reached N254.046 billion, and there were savings of N71.000 billion.

In terms of gross statutory revenue, N891.934 billion was received for August 2023, which was a decrease of N258.490 billion compared to the N1.150 trillion received in July 2023. Additionally, the gross revenue from Value Added Tax (VAT) was N345.727 billion, reflecting an increase of N46.938 billion compared to the N298.789 billion available in July 2023.

Out of the N1.100 trillion total distributable revenue, the Federal Government received N431.245 billion, State Governments received N361.188 billion, and the Local Government Councils received N266.538 billion.

A total of N26.473 billion, which represents 13% of mineral revenue, and N14.657 billion, equivalent to 13% of savings from NNPCL, were allocated to the respective States as derivation revenue.

Further breakdown reveals that out of the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, State Governments obtained N87.800 billion, and the Local Government Councils were allocated N67.690 billion.

Additionally, N14.446 billion (13% of mineral revenue) and N14.361 billion (13% of NNPCL savings) were distributed to the relevant States as derivation revenue. The Federal Government received N48.291 billion, State Governments received N160.971 billion, and the Local Government Councils received N112.679 billion from the N321.941 billion distributable Value Added Tax (VAT) revenue.

The N14.102 billion from Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N2.115 billion, State Governments received N7.051 billion, and the Local Government Councils received N4.936 billion.

Furthermore, the Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue, while State Governments received N58.048 billion, and the Local Government Councils obtained N44.752 billion.

A total of N12.027 billion (13% of mineral revenue) and N0.296 billion (13% of NNPCL savings) was shared among the relevant States as derivation revenue. From the N177.092 billion Augmentation, the Federal Government received N93.292 billion, State Governments were allocated N47.319 billion, and the Local Government Councils received N36.481 billion.

In terms of revenue sources, Value Added Tax (VAT), Import and Excise Duties, and Electronic Money Transfer Levy (EMTL) experienced significant increases, whereas Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties saw notable decreases.

The balance in the Excess Crude Account (ECA) was reported at $473,754.

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