September Revenue: FAAC shares N903.480bn to FG, States, LGs.

The Federation Account Allocation Committee (FAAC) has shared N903.480 billion September 2023 Federation Account Revenue to the Federal, state and Local Governments.

The balance in the Excess Crude Account (ECA) was $473,754.57.

A communique issued by the FAAC at its October 2023 meeting indicated that the N903.480 billion total distributable revenue comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N 282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion.

Bawa Mokwa, Director (Press and Public Relations), Office of the Accountant General of Federation, said that the FAAC communique put the total revenue available in September 2023 at N1,594.763 billion.

Total deductions for the cost of collection were N54.426 billion, total transfers and refunds were N347.857 billion, and savings were N289.000 billion.

Gross statutory revenue of N 1,014.953 billion was received for September 2023, which was higher than the N891.934 billion received in August 2023 by N123.019 billion.

The gross revenue from the Value Added Tax (VAT) was N303.550 billion, which was lower than the N345.727 billion available in August 2023 by N42.177 billion.

The communique stated that from the N903.480 billion total distributable revenue, the Federal Government received N320.543 billion, the State Governments got N287.071 billion and the Local Government Councils went home with N210.900 billion.

A total sum of N84.966 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.

From the N423.012 billion distributable statutory revenue, the Federal Government got...