FAAC
October 27, 2022
The Federation Account Allocation Committee (FAAC), has shared N760.235 billion to the three tiers of government as federation allocation for September.
This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, the Director (Information/Press) on Thursday.
Meanwhile, the oil producing states received N59.992 billion as derivation, (13 per cent of mineral revenue).
However, a sum of N60 billion savings were from non-oil revenue and Electronic Money Transfer Levy (EMTL).
The communiqué issued indicated that the Gross Revenue available from the Value Added Tax (VAT) for Sept. was N189.928 billion, which was a decrease distributed in the preceding month.
“The distribution is as follows; the Federal Government got N28.489 billion, the states received N94.964 billion, Local Government Councils got N66.475 billion.
Accordingly, the Gross Statutory Revenue of N502.135 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921 billion.
“States got N118.141 billion, LGCs got N91.081billion, and oil derivation (13 per cent mineral revenue) got N59.992 billion.
“Also, N8.172 billion of EMTL distributable revenue was shared to the three tiers of government as follows; the Federal Government received N1.226 billion, States got N4.086 billion, LGCs received N2.860 billion.”
It said the sum of N60 billion savings was from non-oil revenue.
The sum was distributed accordingly as follows: Federal government received N31.608 billion, states got N16.032 billion and LGCs received N12.360 billion.
The communiqué further revealed that Oil and Gas Royalties increased tremendously, while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. However, VAT, Import Duty and Companies Income Tax (CIT) decreased considerably.
It was further disclosed that total revenue distributable for September was drawn from Statutory Revenue of N502.135 billion and VAT of N189.928 billion.
It was also drawn from EMTL of N8.172 billion and Non-Oil Excess Revenue of N60 billion savings, which was converted to distributable revenue.
This brought the total distributable for the month to N760.235 billion.
However, the balance in the Excess Crude Account (ECA), as at Oct. 27, stood at 472,513.64 dollars. (NAN)
