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FAAC shares N1.1trn to FG, states, LGs for August

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.1 trillion as August 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils.

From the N1.1 trillion total distributable revenue, the Federal Government received a total of N431.245 billion, the State Governments received N361.188 billion and the Local Government Councils received N266.538 billion.

The FAAC noted that the N1100.101 billion total distributable revenue comprised distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N 229.568 billion, and Augmentation of NN177.092 billion.

The committee, in a communique issued by its, Director, Press and Public Relations, Bawa Mokwa, on Friday, September 29, disclosed that total revenue of N1483.902 billion was available in the month of August 2023.

It stated that the total deduction for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion, while savings was N71.000 billion.

The FAAC said gross statutory revenue of N891.934 billion was received for the month of August, noting that this was lower than the N1150.424 billion received in the month of July 2023 by N258.490 billion.

It added that gross revenue available from the VAT was N345.727 billion, saying this was higher than the N298.789 billion available in the month of July 2023 by N46.938 billion.

The FAAC stated that from the N1100.101 billion total distributable revenue, the Federal Government received a total of N431.245 billion, the State Governments received N361.188 billion and the Local Government Councils received N266.538 billion.

The committee revealed that N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL) were shared to the states as derivation revenue.

It noted that from the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the State Governments received N87.800 billion, and the Local Government Councils received N67.690 billion.

According to the FAAC, the sum of N14.446 billion (13% of mineral revenue) and N14.361 billion (13 % of savings from NNPCL) were shared to the relevant states as derivation revenue.

The FAAC further stated that the Federal Government received N48.291 billion, the State Governments received N160.971 billion, and the Local Government Councils received N112.679 billion from the N321.941 billion distributable VAT revenue.

It noted that from the N14.102 billion Electronic Money Transfer Levy (EMTL), the Federal Government received N2.115 billion, the State Governments received N7.051 billion, and the Local Government Councils received N4.936 billion.

The committee disclosed that the Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue, saying State Governments received N58.048 billion, and the Local Government Councils received N44.752 billion.

It added that the sum of N12.027 billion (13% of mineral revenue) and N0.296 billion (13 % of savings from NNPCL) went to states as derivation revenue.

The FAAC said from the N177.092 billion Augmentation, the Federal Government received N93.292 billion, the State Governments received N47.319 billion, and the Local Government Councils received N36.481 billion.

The FAAC further revealed that in August 2023, VAT, Import and Excise Duties, and EMTL increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.

It added that the balance in the Excess Crude Account (ECA) was $473,754.57.

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