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.
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