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National Tribune

Flagging The Conscience Of Truth

FAAC Distributes N903 Billion in September 2023 Revenue Allocation

ByWeb Manager

Oct 25, 2023

The Federation Account Allocation Committee (FAAC) has successfully disbursed a total of N903.480 billion in revenue for the month of September 2023, benefitting the Federal, State, and Local Governments.

According to Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, the FAAC’s communique revealed that the overall revenue available in September 2023 amounted to N1,594.763 billion. Additionally, the Excess Crude Account (ECA) maintained a balance of $473,754.57.

The breakdown of the N903.480 billion total distributable revenue included N423.012 billion in distributable statutory revenue, N282.666 billion from Value Added Tax (VAT), N10.989 billion from Electronic Money Transfer Levy (EMTL), and N186.813 billion from Exchange Difference revenue.

A sum of N54.426 billion was allocated for the cost of collection, N347.857 billion for transfers and refunds, and N289.000 billion was set aside for savings.

In terms of revenue specifics, September 2023 saw a gross statutory revenue of N1,014.953 billion, marking an increase of N123.019 billion from the N891.934 billion received in August 2023.

However, the gross revenue from Value Added Tax (VAT) amounted to N303.550 billion, which was lower than the N345.727 billion recorded in August 2023 by N42.177 billion.

The distribution of the N903.480 billion revenue was as follows: the Federal Government received N320.543 billion, State Governments were allocated N287.071 billion, and Local Government Councils received N210.900 billion. An additional N84.966 billion, representing 13% of mineral revenue, was shared with relevant states as derivation revenue.

Breaking down the distributable statutory revenue of N423.012 billion, the Federal Government received N190.849 billion, State Governments obtained N96.801 billion, and Local Government Councils were allotted N74.629 billion. A sum of N60.733 billion, also representing 13% of mineral revenue, went to the relevant states as derivation revenue.

From the N282.666 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N42.400 billion, State Governments got N141.333 billion, and Local Government Councils received N98.933 billion.

The N10.989 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.648 billion, State Governments received N5.495 billion, and Local Government Councils pocketed N3.846 billion.

In terms of Exchange Difference revenue, the Federal Government received N85.647 billion, State Governments got N43.442 billion, and Local Government Councils received N33.491 billion. Furthermore, N24.233 billion, accounting for 13% of mineral revenue, was shared with relevant states as derivation revenue.

Notably, September 2023 witnessed significant increases in Petroleum Profit Tax (PPT) and Oil and Gas Royalties, while Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies experienced noteworthy decreases.

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