The Federation Account Allocation Committee said it shared N906.96bn among the three tiers of government for October 2023.
FAAC disclosed this in a communiqué issued at the end of its latest meeting, according to a statement by the Director (Press and Public Relations) of the Ministry of Finance, Stephen Kilebi, on Wednesday.
The total figure shared for October was a slight increase of N3.48bn compared to the N903.48bn shared in September 2023, recovering from a decrease recorded in the previous month.
The total amount included gross statutory revenue, Value Added Tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levy, among others.
The communique disclosed that although a gross total of N1.35tn was generated, only N906.955bn was shared to the three tiers of government as Federation Allocation for October 2023.
The total revenue distributed for October 2023, was drawn from Statutory Revenue of N305.070 billion, VAT of N323.446bn, EMTL of N15.552bn, Exchange Difference of N202.887bn and Augmentation of N60.000bn, bringing the total distributable amount for the month to N906.955bn.
From the total revenue from Gross Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and Augmentation of N60bn, the Federal Government received N323.355bn, the States received N307.717bn, the Local Government Councils got N225.209bn, while the Oil Producing States received N50.674bnas Derivation, (13% of Mineral Revenue).
The Communique stated that” the Federation Account Allocation Committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for October 2023, was N347.343bn, which was an increase from the N303.550bn distributed in the preceding month, increasing to N43.793bn.
“From that amount, the sum of N10.894 billion was allocated for Cost of Collection and the sum of N10.003 billion was given for Transfers, Intervention, and Refunds. The remaining sum of N323.446 billion was distributed to the three tiers of government of which the Federal Government got N48.517 billion, the States received N161.723 billion, and Local Government Councils got N113.206 billion.
“Accordingly, the Gross Statutory Revenue of N660.090 billion received in the month was lower than the sum of N1,014.953tn received in the previous month of September 2023 by N354.863bn. From that amount, the sum of N38.942bn was allocated for the Cost of Collection and a total sum of N316.078bn for Transfers, Intervention, and Refunds. The remaining balance of N305.070bn was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N147.574bn, States got N74.852bn, LGCs got N57.707bn, and Oil Derivation (13% Mineral Revenue) got N24.937bn.
“Also, the sum of N16.199bn from the Electronic Money Transfer Levy was distributed to the three tiers of government as follows: the Federal Government received N2.333bn, States got N7.776bn, Local Government Councils received N5.443bn and N0.647bn allocated for Cost of Collection.
“The Communique disclosed N262.887bn from Exchange Difference, which was shared as follows: Federal Government received N93.323bn, the States got N47.334bn, the sum of N36.493 billion allocated to Local Government Councils, and N25.737bn given to Derivation (13% of Mineral Revenue) while the sum of N60.000bn was for Transfers, Intervention and Refunds.
“It disclosed that N60.000bn Augmentation was shared as follows: the Federal Government got N31.608bn, the States received N16.032bn, while LGCs got the sum of N12.360bn.”
Also, the balance in the Excess Crude Account stayed at $473,754.57 as of November 22, 2023.
FAAC revealed that N50.674bn was given for the cost of collection, and N386.081bn was allocated for Transfers Intervention and Refunds.
Petroleum Profit Tax, Import Duty, VAT, Customs External tariff, and EMTL increased significantly.
However, Excise Duties, Oil and Gas Royalties, and Companies Income Tax recorded a decrease.
