adplus-dvertising
Business

FAAC: FG, states and local government share N903.4 billion in September

The Federation Account Allocation Committee (FAAC) has shared a total of N903.4 billion in Federation Account Revenue for September 2023 to the Federal Government, States, and Local Government Councils.

This information was relayed in a communiqué released at the conclusion of the FAAC meeting held in October 2023, as per a statement by the Director of Information, Stephen Kilebi.

The N903.480 billion in total distributable revenue comprises N423.012 billion in distributable statutory revenue, N282.666 billion in distributable Value Added Tax (VAT) revenue, N10.989 billion in Electronic Money Transfer Levy (EMTL) revenue, and N186.813 billion in Exchange Difference revenue, according to FAAC.

As stated in the announcement, during September 2023, the total deductions for the cost of collection amounted to N54.4 billion, while the total deductions for transfers, savings, and refunds reached N289 billion.

Gross statutory revenue

In September 2023, the Gross Statutory Revenue amounted to N1.01 trillion, representing an increase of N123.019 billion over the N891.934 billion received in August 2023. From this amount, N41.826 billion was allocated for collection costs, N339.115 billion for transfers and refunds, and N211.000 billion was transferred to the Non-Oil Revenue Savings.

The remaining balance of N423.012 billion was distributed as follows to the three tiers of government: the Federal Government received N190.849 billion, States were allocated N96.801 billion, Local Government Councils received N74.629 billion, and Oil Derivation (13% Mineral Revenue) obtained N60.733 billion.

Electronic money transfer revenue

Additionally, N11.447 billion from the Electronic Money Transfer Levy (EMTL) was distributed among the three tiers of government, with the Federal Government receiving N1.648 billion, States obtaining N5.495 billion, Local Government Councils receiving N3.846 billion, and N0.458 billion earmarked for collection costs.

Exchange rate difference

The Exchange Difference contributed N264.813 billion, which was allocated as follows: the Federal Government received N85.647 billion, States obtained N43.442 billion, Local Government Councils were allocated N33.491 billion, and Derivation (13% of Mineral Revenue) received N24.233 billion, while N78.000 billion was transferred to Non-Oil Revenue Savings.

The statement noted that Excess Crude Account balance remained at $473,754.57.


Download NewsTimes App for breaking news and market intelligence.
play store banner     app store banner

Back to top button