Thursday, 23 November 2023 05:11

FAAC: FG, states, LGAs share N906.9bn as allocation for October

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Federation account allocation committee (FAAC) says it shared N906.955 billion with the three tiers of government in October 2023.

The figure represents an increase of N3.48 billion compared to the September disbursement of N903.48 billion.

The committee disclosed this in a communique issued on Wednesday at the end of its November retreat held in Asaba.

According to the statement, the N906.955 billion was drawn from statutory revenue of N423.01 billion, value-added tax (VAT) of N305.070 billion, N323.446 billion from electronic money transfer levy (EMTL), and N15.552 billion from exchange difference.

It also comprised exchange difference revenue of N202.887 billion and augmentation of N60 billion.

The statement said the total revenue of N1,346.519 trillion was available in October 2023.

“Total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion,” the communique said.

“Gross statutory revenue of N660.090 billion was received for October 2023. This was lower than the N1,014.953 billion received in September 2023 by N354.863 billion.

“The gross revenue available from the value added tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in September 2023 by N43.793 billion.”

According to FAAC, from the N906.955 billion total distributable revenue, the federal government received a total of N323.355 billion, the state governments received N307.717 billion and the local government councils (LGCs) received N225.209 billion.

A of N50.674 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

FAAC said from N305.070 billion in distributable statutory revenue, the federal government received N147.574 billion, the state governments received N74.852 billion and the LGCs received N57.707 billion.

“N24.937 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue,” FAAC said.

Also, the federal government received N48.517 billion, the state received N161.723 billion and the LGCs received N113.206 billion from the N323.446 billion distributable VAT revenue.

 

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