The Federation Account Allocation Committee (FAAC) has disbursed ₦903.480 billion in September 2023 from the Federation Account Revenue to the Federal, State, and Local Governments.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, stated that the FAAC’s communique reported a total revenue of ₦1,594.763 billion for September 2023.
The Excess Crude Account (ECA) balance stood at $473,754.57.
According to the FAAC communique issued during its October 2023 meeting, the total distributable revenue of ₦903.480 billion was composed of various components, including ₦423.012 billion in distributable statutory revenue, ₦282.666 billion from Value Added Tax (VAT), ₦10.989 billion from Electronic Money Transfer Levy (EMTL), and ₦186.813 billion from Exchange Difference revenue.
The report also highlighted total deductions for the cost of collection at ₦54.426 billion, total transfers and refunds amounting to ₦347.857 billion, and savings of ₦289.000 billion.
In September 2023, the gross statutory revenue reached ₦1,014.953 billion, showing an increase of ₦123.019 billion compared to the ₦891.934 billion received in August 2023.
The gross revenue from Value Added Tax (VAT) amounted to ₦303.550 billion, which was ₦42.177 billion less than the ₦345.727 billion available in August 2023.
From the total distributable revenue, the Federal Government received ₦320.543 billion, State Governments obtained ₦287.071 billion, and Local Government Councils were allocated ₦210.900 billion. Additionally, ₦84.966 billion, equivalent to 13% of mineral revenue, was shared with the relevant States as derivation revenue.
Further breakdown revealed that from the ₦423.012 billion distributable statutory revenue, the Federal Government received ₦190.849 billion, State Governments received ₦96.801 billion, and Local Government Councils were allotted ₦74.629 billion. Additionally, ₦60.733 billion, equivalent to 13% of mineral revenue, was shared with the relevant States as derivation revenue.
Regarding the ₦282.666 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦42.400 billion, State Governments obtained ₦141.333 billion, and Local Government Councils received ₦98.933 billion.
The ₦10.989 billion Electronic Money Transfer Levy (EMTL) was allocated as follows: the Federal Government received ₦1.648 billion, State Governments received ₦5.495 billion, and Local Government Councils received ₦3.846 billion.
In the case of the ₦186.813 billion Exchange Difference revenue, the Federal Government received ₦85.647 billion, State Governments obtained ₦43.442 billion, and Local Government Councils received ₦33.491 billion. Furthermore, ₦24.233 billion, equivalent to 13% of mineral revenue, was disbursed to the relevant States as derivation revenue.
It was noted that in September 2023, Petroleum Profit Tax (PPT) and Oil and Gas Royalties saw significant increases, while Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies experienced notable decreases.
