The Federation Account Allocation Committee (FAAC) has disbursed a total of N903.480 billion as Federation Account Revenue for the month of September 2023 to the Federal Government, states, and Local Government Councils (LGCs). This allocation was disclosed in a communique released at the conclusion of FAAC’s October meeting held in Abuja on Tuesday.
The communique outlined the breakdown of the N903.480 billion total distributable revenue, which included N423.012 billion from distributable statutory revenue, N282.666 billion from Value Added Tax (VAT) revenue, N10.989 billion from Electronic Money Transfer Levy (EMTL) revenue, and N186.813 billion from Exchange Difference revenue.
A grand total of N1594.763 billion was available in the month of September 2023. The committee specified that N54.426 billion was deducted for the cost of collection, N347.857 billion for transfers and refunds, and N289.000 billion was saved.
The gross statutory revenue for September was N1014.953 billion, marking a significant increase of N123.019 billion from the N891.934 billion received in August. However, the gross revenue from VAT was N303.550 billion, which represented a decrease of N42.177 billion compared to N345.727 billion in August.
From the N903.480 billion total distributable revenue, the Federal Government received N320.543 billion, while the state governments received N287.071 billion, and the LGCs received N210.900 billion. An additional N84.966 billion, constituting 13 per cent of mineral revenue, was distributed to the relevant states as derivation revenue.
Regarding the N423.012 billion distributable statutory revenue, the Federal Government received N190.849 billion, state governments received N96.801 billion, and LGCs received N74.629 billion. Another N60.733 billion, equivalent to 13 per cent of mineral revenue, was allocated to the relevant states as derivation revenue.
The VAT revenue of N282.666 billion was distributed with the Federal Government receiving N42.400 billion, state governments receiving N141.333 billion, and LGCs obtaining N98.933 billion.
The N10.989 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.648 billion, state governments received N5.495 billion, and the Local Government Councils received N3.846 billion.
Exchange Difference revenue amounting to N186.813 billion was apportioned, with the Federal Government receiving N85.647 billion, state governments receiving N43.442 billion, and the LGCs receiving N33.491 billion. Furthermore, N24.233 billion, equivalent to 13 per cent of mineral revenue, was allocated to the relevant states as derivation revenue.
The communique concluded by noting that the balance in the Excess Crude Account (ECA) stood at $473,754.57.
It is worth highlighting that in September, certain revenue sources, including Petroleum Profit Tax (PPT) and Oil and Gas Royalties, recorded considerable increases, while VAT, Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies experienced significant decreases.
