October: FAAC shares N906bn to FG, States, LGs

In October 2023, the Federation Account Allocation Committee distributed $906.96 billion to the three levels of government: federal, state, and local.

Stephen Kilebi, Director of Press and Public Relations at the Ministry of Finance, announced this in a statement on Wednesday.

The N906.955 revenue is part of the federation’s total N1.35 trillion income generation in October, according to the communiqué.

The overall number shared in October 2023 shows an increase of N3.48 billion over the N903.48 billion shared in September 2023, recouping a reduction from 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, totaling N906.955 billion.

As a result, the Federal Government received N323.355 billion, the States received N307.717 billion, Local Government Councils received N225.209 billion, and Oil Producing States received N50.674 billion as Derivation (13% 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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