FAAC splits N903.480 billion in September revenue with the FG, States, and LGs

The Federal, state, and local governments received N903.480 billion in September 2023 from the Federation Account Allocation Committee (FAAC).

The Excess Crude Account (ECA) has a balance of $473,754.57.

In a statement following its meeting in October 2023, the FAAC stated that the N903.480 billion total distributable revenue was made up of N423.012 billion in distributable statutory revenue, N282.666 billion in distributable Value Added Tax (VAT) revenue, N10.989 billion in distributable Electronic Money Transfer Levy (EMTL) revenue, and N186.813 billion in distributable Exchange Difference revenue.

The entire revenue that would be available in September 2023, according to the FAAC statement, is estimated to be N1,594.763 billion, according to Bawa Mokwa, Director (Press and Public Relations), Office of the Accountant General of the Federation.

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

The gross statutory revenue for September 2023 was N1,014.953 billion, which was N123.019 billion more than the N891.934 billion received in August 2023.

Value Added Tax (VAT) gross receipts were N303.550 billion, which was N42.177 billion less than the N345.727 billion available in August 2023.

According to the communiqué, the Federal Government received N320.543 billion from the total distributable revenue of N903.480 billion, the State Governments received N287.071 billion, and the Local Government Councils took home N210.900 billion.

The relevant States received a total of N84.966 billion (13% of mining revenue) as derivation money.

The Federal Government collected N190.849 billion, the State Governments N96.801 billion, and the Local Government Councils N74.629 billion from the N423.012 billion distributable statutory revenue.

The relevant States received a portion of N60.733 billion (13% of mining revenue) as derivation revenue.

From the N282.666 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N42.400 billion, the State Governments received N141.333 billion, and the Local Government Councils received N98.933 billion.

The Federal Government collected N1.648 billion, the State Governments N5.495 billion, and the Local Government Councils N3.846 billion of the N10.989 billion Electronic Money Transfer Levy (EMTL), respectively.

From the revenue from the N186.813 billion Exchange Difference, the Federal Government received N85.647 billion. Local Government Councils earned N33.491 billion, while State Governments received N43.442 billion. The relevant States received N24.233 billion (13 percent of mining earnings) as a derivation payment.

Petroleum Profit Tax (PPT) and Oil and Gas Royalties had major increases in the month of September 2023, whilst Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies saw notable decreases.