As a monthly allocation from the Joint Federation Account, the Federation Account Allocation Committee (FAAC) has distributed N1.101 trillion in revenue generated in August 2023 to the three levels of government.
Despite an increase in monthly revenue, the excess crude account (ECA) balance remains at $473,754.57.
A total revenue of N1,483,902 trillion was available in August 2023, according to a statement published by FAAC during its September 2023 meeting. Total deductions for collecting costs was N58.755 billion, total transfers and refunds totaled N254.046 billion, and total savings totaled N71.000 billion.
The N1.1 trillion total distributable revenue is made up of N357.398 billion in distributable statutory revenue, N321.941 billion in VAT revenue, N14.102 billion in electronic money transfer levy revenue, N229.568 billion in exchange rate differential revenue, and NN177.092 billion in augmentation revenue, according to the communique.
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Gross statutory income of N891.934 billion was received for the month of August 2023. This was a N258.490 billion decrease from the N1,150,424 trillion received in July 2023.
The VAT earned a gross revenue of N345.727 billion. This was N46.938 billion more than the available N298.789 billion in July 2023.
The federal government received N431.245 billion from the N1.1 trillion total distributable revenue, 36 states and the FCT received N361.188 billion, and local governments received N266.538 billion, according to the statement.
A total of N26.473 billion (13 percent of mineral revenue) and N14.657 billion (13 percent of NNPCL savings) were transferred to the relevant States as derivation money.
From the N357.398 billion in distributable statutory revenue, the federal government received N173.102 billion, state governments received N87.800 billion, and local governments received N67.690 billion.
The federal government collected N48.291 billion from the month’s VAT collection of N321.941 billion, states received N160.971 billion, and LGAs received N112.679 billion.
The federal government received N2.115 billion, state governments received N7.051 billion, and local governments received N4.936 billion of the available N14.102 billion electronic transfer levy.
According to Bawa Mokwa, director of press in the office of the federal accountant-general, the federal government received N114.445 billion from the N229.568 billion generated by the exchange differential, while all state governments received N58.048 billion and local government authorities received N44.752 billion.
The relevant States received N12.027 billion (13 percent of mining revenue) and N0.296 billion (13 percent of NNPCL savings) as derivation money.
From the N177.092 billion augmentation, the federal government received N93.292 billion, the 36 states received N47.319 billion, and local governments received N36.481 billion.