Revenue Drops By N354.863bn As FAAC Allocates N906.9bn To Three Tiers Of Govt
The Federation Account Allocation Committee (FAAC) has shared a total sum of N906.95bn October 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
A communique issued by the FAAC at its November, 2023 meeting indicated that the N906.955nn total distributable revenue comprised statutory revenue of N305.07bn, Value Added Tax (VAT) revenue of N323.446bn, Electronic Money Transfer Levy (EMTL) revenue of N15.55bnn, Exchange Difference Revenue of N202.88bn and Augmentation of N60bn.
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According to the communique, total revenue of N1.34trn was available in the month of October 2023. Total deduction for cost of collection was N53.483bn; while total transfers, interventions and refunds was N386.08bn.
The communique puts the Gross statutory revenue at N660.09bn which was lower than the N1.01trn received in the month of September 2023 by N354.863bn.
The gross revenue available from the Value Added Tax (VAT) was N347.343bn. This was higher than the N303.55bn available in the month of September 2023 by N43.79bn.
The communique stated that from the N906.95bn total distributable revenue, the Federal Government received a total of N323.35bn, the State Governments received N307.71bn and the Local Government Councils received N225.209bn.
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A total sum of N50.674bn (13 per cent of mineral revenue) was shared to the relevant States as derivation revenue.
From the N305.07bn distributable statutory revenue, the Federal Government received N147.574bn, the State Governments received N74.852bn and the Local Government Councils received N57.707bn.
The sum of N24.937bn (13 per cent of mineral revenue) was shared to the relevant States as derivation revenue.
