FAAC: FG, states, LGAs share N903bn for September

Thursday, 26 October 2023 04:37

FAAC: FG, states, LGAs share N903bn for September

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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