The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.100 trillion to the federal government, states, and Local Government Councils in Nigeria. This announcement came following the FAAC’s September 2023 meeting held in Abuja.
According to the statement released by Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, the N1.100 trillion total distributable revenue comprises several components:
– Distributable statutory revenue of N357.398 billion
– Distributable Value Added Tax (VAT) revenue of N321.941 billion
– Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion
– Exchange Difference revenue of N229.568 billion
– Augmentation of NN177.092 billion
The communique revealed that a total revenue of N1.483 trillion was earned in the month of August, with deductions for the cost of collection amounting to N58.755 billion, total transfers and refunds of N254.046 billion, and savings of N71.000 billion.
The gross statutory revenue for August 2023 stood at N891.934 billion, a decrease of N258.490 billion compared to the N1,150.424 billion received in July 2023.
In terms of VAT revenue, the gross amount was N345.727 billion for August, representing an increase of N46.938 billion from the N298.789 billion recorded in July 2023.
The distribution of the N1.100 trillion total distributable revenue saw the Federal Government receiving N431.245 billion, State Governments getting N361.188 billion, and Local Government Councils receiving N266.538 billion.
Additionally, N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL) were shared with relevant states as derivation revenue.
Breaking down the distributable statutory revenue of N357.398 billion, the Federal Government received N173.102 billion, State Governments got N87.800 billion, and Local Government Councils received N67.690 billion. N14.446 billion (13% of mineral revenue) and N14.361 billion (13% of savings from NNPCL) were also distributed as derivation revenue.
From the N321.941 billion distributable VAT revenue, the Federal Government received N48.291 billion, State Governments got N160.971 billion, and Local Government Councils received N112.679 billion.
The N14.102 billion Electronic Money Transfer Levy (EMTL) was distributed with the Federal Government receiving N2.115 billion, State Governments getting N7.051 billion, and Local Government Councils receiving N4.936 billion.
Exchange Difference revenue of N229.568 billion saw the Federal Government receiving N114.445 billion, State Governments getting N58.048 billion, and Local Government Councils receiving N44.752 billion. Additionally, N12.027 billion (13% of mineral revenue) and N0.296 billion (13% of savings from NNPCL) were allocated to relevant states as derivation revenue.
Lastly, from the N177.092 billion Augmentation, the Federal Government received N93.292 billion, State Governments got N47.319 billion, and Local Government Councils received N36.481 billion.
The statement noted that Value Added Tax (VAT), Import and Excise Duties, and Electronic Money Transfer Levy (EMTL) experienced significant increases, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded notable decreases.
The Excess Crude Account (ECA) balance was reported as $473,754.
