FAAC Shares N906.9bn October Revenue To FG, States, LGs

The Federation Account Allocation Committee (FAAC) has shared N906.9 billion October 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

The Federation Account Allocation Committee (FAAC) has disseminated a total of N906.955 billion as October 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils.

This information was conveyed in a communiqué released at the end of the FAAC meeting for November 2023, as stated by its Director, Press and Public Relations, Bawa Mokwa on Wednesday.

The breakdown of the revenue distribution was outlined in the communique, specifying that the Federal Government received N323.355 billion, State Governments received N307.717 billion, and Local Government Councils received N225.209 billion from the total distributable revenue of N906.955 billion.

The Value Added Tax (VAT) gross revenue amounted to N347.343 billion, surpassing the N303.550 billion in September 2023 by N43.793 billion.

The communique further detailed that the total available revenue for October 2023 was N1,346.519 billion. Deductions for the cost of collection totaled N53.483 billion, and total transfers, interventions, and refunds amounted to N386.081 billion.

The gross statutory revenue for October 2023 was N660.090 billion, reflecting a decrease from the N1,014.953 billion in September 2023 by N354.863 billion.

From the N906.955 billion total distributable revenue, the Federal Government received N323.355 billion, the State Governments received N307.717 billion, and the Local Government Councils received N225.209 billion.

Derivation revenue of N50.674 billion (13% of mineral revenue) was shared among relevant states.

From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the State Governments received N74.852 billion, and the Local Government Councils received N57.707 billion. An additional N24.937 billion (13% of mineral revenue) was allocated to relevant states as derivation revenue.

The N323.446 billion distributable Value Added Tax (VAT) revenue was shared with the Federal Government receiving N48.517 billion, the State Governments receiving N161.723 billion, and the Local Government Councils receiving N113.206 billion.

The Electronic Money Transfer Levy (EMTL) of N15.552 billion was distributed, with the Federal Government receiving N2.333 billion, the State Governments receiving N7.776 billion, and the Local Government Councils receiving N5.443 billion.

Exchange Difference revenue of N202.887 billion resulted in the Federal Government receiving N93.323 billion, State Governments receiving N47.334 billion, and Local Government Councils receiving N36.493 billion. Additionally, N25.737 billion (13% of mineral revenue) was allocated to relevant states as derivation revenue.

The Augmentation of N60.000 billion was shared, with the Federal Government receiving N31.608 billion, the State Governments receiving N16.032 billion, and the Local Government Councils receiving N12.360 billion.

In October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies, and Electronic Money Transfer Levy (EMTL) witnessed significant increases, while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties experienced a marginal decrease.

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