FG, States, LGs, Share N903.4bn FAAC Revenue For Sept

The Federation Account Allocation Committee (FAAC) has shared N903.4billion September 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the FAAC meeting for October, 2023, according to a statement by its Director, Press and Public Relations, Bawa Mokwa.
“N903.480billion total distributable revenue comprised distributable statutory revenue of N423.012billion, distributable Value Added Tax (VAT) revenue of N282.666billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989billion and Exchange Difference revenue of N186.813billion,” FAAC said.
According to the statement, in September 2023, the total deductions for cost of collection was N54.4billion and the total deductions for transfers, savings and refunds was N289billion.
“The balance in the Excess Crude Account (ECA) was $473,754.57. Gross statutory revenue of N 1014.953billion was received for the month of September 2023. This was higher than the N891.934billion received in the month of August, 2023 by N123.019billion,” the committee said.
The communiqué confirmed that from the total distributable revenue of N903.480billion; the Federal Government received N320.543billion, the State Governments received N287.071billion and the Local Government Councils received N210.900billion.
See the full statement below:
FAAC Shares N903.480billion September 2023 Revenue To FG, States, LGCs
The Federation Account Allocation Committee (FAAC) has shared a total sum of N903.480billion September 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
A communique issued by the FAAC at its October, 2023 meeting indicated that the N903.480billion total distributable revenue comprised distributable statutory revenue of N423.012billion, distributable Value Added Tax (VAT) revenue of N282.666billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989billion and Exchange Difference revenue of N186.813billion.
According to the communique, total revenue of N1594.763billion was available in the month of September 2023. Total deductions for cost of collection was N54.426billion, total transfers and refunds was N347.857 billion and savings was N289.000billion.
Gross statutory revenue of N1014.953billion was received for the month of September 2023. This was higher than the N891.934billion received in the month of August 2023 by N123.019billion.
The gross revenue available from the Value Added Tax (VAT) was N303.550billion. This was lower than the N345.727billion available in the month of August 2023 by N42.177billion.
The communique stated that from the N903.480billion total distributable revenue, the Federal Government received a total of N320.543billion, the State Governments received N287.071billion and the Local Government Councils received N210.900billion.
A total sum of N84.966billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
From the N423.012billion distributable statutory revenue, the Federal Government received N190.849billion, the State Governments received N96.801 billion and the Local Government Councils received N74.629billion. The sum of N60.733billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
The Federal Government received N42.400billion, the State Governments received N141.333billion and the Local Government Councils received N98.933billion from the N282.666billion distributable Value Added Tax (VAT) revenue.
The N10.989
billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.648billion, the State Governments received N5.495billion and the Local Government Councils received N3.846billion.
The Federal Government received N85.647billion from the N186.813billion Exchange Difference revenue. The State Governments received N43.442billion, and the Local Government Councils received N33.491billion. The sum of N24.233billion (13% of mineral revenue) went to the relevant States as derivation revenue.
In the month of September 2023, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT) and CET Levies recorded significant decreases.
The balance in the Excess Crude Account (ECA) was $473,754.57