Thursday, 26 October 2023 04:37

FAAC: FG, states, LGAs share N903bn for September

Rate this item
(0 votes)

Federation account allocation committee (FAAC) says it shared N903.48 billion with the three tiers of government for September 2023.

The figure represents a decrease of N196.52 billion compared to the August disbursement of N1.1 trillion.

The committee disclosed this in a communiqué issued on Tuesday at the end of its October meeting in Abuja.

According to the communiqué, the N903.48 billion was drawn from statutory revenue of N423.01 billion, value-added tax (VAT) of N282.66 billion,  N10.98 billion from electronic money transfer levy (EMTL), and N186.81 billion from exchange difference.

FAAC said “N54.426 billion was given to the cost of collection, N347,857 billion allocated to transfers and refunds, while N289 billion was transfered to non oil revenue (savings) for September 2023”.

According to FAAC, the distributable VAT revenue for the period reviewed was N303.55 billion — a decrease from the N345.72 billion distributed in August, by N42.177 billion.

From the distributable VAT revenue of N303.55 billion, the committee said N282.666 billion was distributed to the three tiers of government. The federal government got N42.40 billion, while the states and local governments received N141.33 billion, and N98.933 billion, respectively.

The committee said the distributable gross statutory revenue “of N1,014.953 billion was received for September” — an amount higher than the N891.934 billion received in the preceding month by N123.019 billion.

From the distributable gross statutory revenue, N190.84 billion was allocated to the federal government, states got N96.80 billion, and local governments received N74.62 billion.

FAAC said out of the distributable revenue of N11.44 billion from EMTL, the federal government received N1.64 billion, states were given N5.49 billion, and local government received N3.846 billion.

Also, from the N264.81 billion exchange difference revenue, the federal government was given N85.64 billion, the states got N43.44 billion, and N33.49 billion was allocated to local governments.

FAAC said the balance in the excess crude account (ECA) as at October 24, 2023 was $473,754.57.

 

The Cable

March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.