October revenue: FAAC shares N906.955bn to FG, states, LGs

Minister of Finance, Wale Edun

The Federation Account Allocation Committee (FAAC) has shared N906.955 billion October 2023 Federation Account Revenue to the Federal Government, states, and Local Government Councils.

This was contained in a communique issued by the FAAC at the end of its meeting held in Abuja on Wednesday, November 22, 2023.

The FAAC noted that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added Tax (VAT) revenue of N 323.446 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion, Exchange Difference revenue of N202.887 billion, and Augmentation of N60.000 billion.

The committee disclosed that a total revenue of N1,346.519 billion was available in October 2023, adding that total deductions for cost of collection was N53.483 billion while total transfers, interventions, and refunds were N386.081 billion.

The FAAC said gross statutory revenue of N660.090 billion was received in October, noting that this was lower than the N1,014.953 billion received in September 2023 by N354.863 billion.

It stated that the gross revenue available from the Value Added Tax (VAT) was N347.343 billion, saying this was higher than the N303.550 billion available in September by N43.793 billion.

The committee added that from the N906.955 billion total distributable revenue, the Federal Government received N323.355 billion, the State Governments received N307.717 billion, and the Local Government Councils received N225.209 billion.

According to the FAAC, a total sum of N50.674 billion (13 per cent of mineral revenue) was shared to states as derivation revenue.

It added: “From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the State Governments received N74.852 billion and the Local Government Councils received N57.707 billion. The sum of N24.937 billion (13 per cent of mineral revenue) was shared to the relevant States as derivation revenue.

“The Federal Government received N48.517 billion, the State Governments received N161.723 billion and the Local Government Councils received N113.206 billion from the N323.446 billion distributable Value Added Tax (VAT) revenue.

“The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.333 billion, the State Governments received N7.776 billion and the Local Government Councils received N5.443 billion.

“The Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue. The State Governments received N47.334 billion, and the Local Government Councils received N36.493 billion. The sum of N25.737 billion (13 per cent of mineral revenue) went to the relevant States as derivation revenue.

“The Augmentation of N60.000 billion was shared as follows: Federal Government received N31.608, the State Governments received N16.032 billion and the Local Government Councils received N 12.360 billion

“In the month of October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and Electronic Money Transfer Levy (EMTL) increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.”

The Star