The Federal, State, and Local Governments have received a total of N906.955 billion in October 2023 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).
The FAAC released a statement following its November 2023 meeting, outlining the N906.955 billion total distributable revenue. This amount was made up of N305.070 billion in distributable statutory revenue, N323.446 billion in distributable Value Added Tax (VAT) revenue, N15.552 billion in distributable Electronic Money Transfer Levy (EMTL) revenue, N202.887 billion in exchange difference revenue, and N60.000 billion in augmentation.
In October 2023, N1,346.519 billion in total revenue was available, with N53.483 billion in total deductions for cost of collection, N386.081 billion in total transfers, interventions, and refunds.
In a statement released on Wednesday, Bawa Mokwa, Director (Press and Public Relations), Office of the Accountant General of the Federation, stated that gross statutory revenue for the month of October 2023 was N 660.090 billion, which was N354.863 billion less than the N1,014.953 billion received in the month of September 2023.
Value Added Tax (VAT) gross income available was N347.343 billion. This was N43.793 billion more than the N303.550 billion that was available in September 2023.
According to the communiqué, the State Governments received N307.717 billion, the Local Government Councils received N225.209 billion, and the Federal Government received N323.355 billion out of the N906.955 billion total distributable revenue.
The relevant States received a total of N50.674 billion as derivation money, or 13% of the mineral earnings.
READ ALSO: FG launches new portal for startup registration( Learn application process)
The Federal Government received N147.574 billion, State Governments received N74.852 billion, and Local Government Councils received N57.707 billion from the N305.070 billion distributable statutory revenue. The relevant States received N24.937 billion, or 13% of the mining earnings, as derivation money.
From the N323.446 billion distributable value added tax (VAT) revenue, the Federal Government received N48.517 billion, the State Governments received N161.723 billion, and the Local Government Councils received N113.206 billion.
The Federal Government collected N2.333 billion, State Governments received N7.776 billion, and Local Government Councils received N5.443 billion of the N15.552 billion Electronic Money Transfer Levy (EMTL).
The N202.887 billion Exchange Difference generated N93.323 billion in revenue for the Federal Government. N47.334 billion was given to state governments, and N36.493 billion was given to local government councils. The relevant States received N25.737 billion, or 13% of the mining revenue, as derivation money.
The N60.000 billion augmentation was divided as follows: N31.608 went to the federal government, N16.032 billion to state governments, and N12.360 billion to local government councils.
While excise duties and companies income tax (CIT) saw notable cuts in October 2023, import duties, petroleum profit tax (PPT), value added tax (VAT), CET levies, and electronic money transfer levy (EMTL) all saw major increases. Oil and Gas Royalties saw a little decline.
