FAAC: FG, States, LGs Share N700.24bn For Sept

The Federation Account Allocation Committee (FAAC) has shared N700.235billion to the federal, states and local government councils, as federation allocation for the month of September 2022.
The communiqué issued at the end of the FAAC meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for September 2022 was N189.928billion which is a decrease distributed in the preceding month.
The distribution is as follows; Federal Government got N28.489billion, the states received N94.964billion, local government councils got N66.475billion.
This online platform understands that, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL), the Federal Government received N262.636billion; the States received N217.191billion and the Local Government Councils got N160.416billion, while the oil producing states received N59.992billion as derivation, (13percent of Mineral Revenue).
The Gross Statutory Revenue of N502.135billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921billion, states got N118.141billion, LGCs got N91.081billion, and Oil Derivation (13percent Mineral Revenue) got N59.992billion.
Also, N8.172billion of Electronic Money Transfer Levy (EMTL) distributable revenue was shared to the three tiers of government as follows; the Federal Government received N1.226billion, states got N4.086billion, local government councils received N2.860billion.
The communiqué further revealed that Oil and Gas Royalties increased tremendously, while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases.
However, Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably.
It was further disclosed that total revenue distributable for the current month of September was drawn from Statutory Revenue of N502.135billion, Value Added Tax (VAT) of N189.928billion and N8.172billion drawn from Electronic Money Transfer Levy (EMTL), bringing the total distributable for the month to N700.235billion.
However, the balance in the Excess Crude Account (ECA), as at October 26, 2022 stands at $472,513.64.