Skip to main content

FAAC Shares N1.1trn To FG, States, LGs For August


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

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

The FAAC noted that the N100.101trillion total distributable revenue comprised distributable statutory revenue of N357.398billion, distributable Value Added Tax (VAT) revenue of N 321.941billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102billion, Exchange Difference revenue of N 229.568billion, and Augmentation of NN177.092billion.

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

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

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

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

The FAAC stated that from the N100.101trillion total distributable revenue, the Federal Government received a total of N431.245billion, the State Governments received N361.188billion and the Local Government Councils received N266.538billion.

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

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

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

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

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

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

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

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

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.

Comments

Post a Comment

Popular posts from this blog

Stop Creating Enmity, It'll Hurt You, Gov Fubara Warns Partisan Police Officers •Donates 100 Vehicles To Cut Response Time To Emergencies

Rivers State Governor, Sir Siminalayi Fubara, has advised partisan police officers who abandon their core professional responsibilities to pursue vested political interests to know that the enmity they fuel and eventually create will hurt them in the long run. Governor Fubara maintained that police officers are engaged and trained as professionals to protect lives and property while contributing to the desired peace in the State as a patriotic duty. The Governor insisted that it is, therefore, an aberration for any of them to think that protecting any particular individual or being one-sided in the political affairs to the detriment of the State amounts to professionalism. Governor Fubara gave the advise at the inauguration and formal handover of 100 operational vehicles acquired by his administration to the Rivers State Police Command at the Sharks Football Stadium in Port Harcourt on Tuesday. The Governor said: "I need to say this, so that you will understand. When you (Disu) ca...
Post a Comment
Read more

Assembly Screens, Confirms Oko-Jaja, Seven Others For BoPP Board •Tasks Members On Rivers First Policy

Rivers State House of Assembly has screened and  confirmed Opobo-born Barrister Lawrence Oko-Jaja, SAN, as Chairman of the Board of Rivers State Bureau on Public Procurement (RSBoPP). Also screened and confirmed were Dr. Ernest Ibekwe Ekwe; Dr. Mina Ogbanga; Engr. Iseleye Amachree; Engr. Adokiye Oyagiri; Engr. Gift Alex-Hart; Mrs. Grace Osaronu; and Barrister Selinah Amonieah, who will serve as members. The eight nominees had appeared for screening before the lawmakers shortly after the reading of the letter sent by the State Governor, Sir Siminalayi Fubara, to the Speaker, Rt. Hon. Victor Oko-Jumbo, requesting the House to determine their suitability for appointment as members of the Board of Rivers State Bureau on Public Procurement. Speaker of the House, Rt. Hon. Victor Oko-Jumbo, read the letter by the Governor during plenary at the Hallowed Chamber of the House of Assembly, Auditorium of the Administrative Block, Rivers State Government House in Port Harcourt, on Friday. The S...
Post a Comment
Read more

66 New Babies Born At RCCG Convention, As Adeboye Prays Against Fresh Wars

Several mothers were delivered of no fewer than 66 babies at the Redeemed Christian Church of God (RCCG) Convention ground over the weekend. Adeboye announced this during the church’s 71st Annual Convention Friday Holy Ghost Service, tagged, “Beyond Expectations,” held from Friday night to Saturday morning at the church’s headquarters in Mowe, Ogun State. According to him, they comprised 31 females and 31 males. The Daddy GO also announced that next month’s Holy Ghost Service would be dedicated to those trusting God for the fruit of the womb. He said, “I believe God that there will be a lot of twins, triplets and many more. God does not know how to do small things and does not stop when your cup of blessings is full.” Meanwhile, Adeboye, has called on Christians, especially his church members, to pray against fresh wars, within and outside the country’s borders. The cleric said the country was already fighting many  “wars” such as kidnapping, terrorism and killings, adding that fre...
Post a Comment
Read more