FAAC: FG, States, LGAs share N906.96 billion October 2023 revenue 

The Federation Account Allocation Committee (FAAC) says it shared N906.96 billion 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 represents a slight increase of N3.48 billion compared to the N903.48 billion shared for September 2023, recovering from a decrease recorded in the previous month. 

The total amount includes gross statutory revenue, Value Added Tax (VAT), Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levy (EMTL), among others. 

Although a gross total of N1.35 trillion was generated, only N906.955 billion was shared with the three tiers of government as Federation Allocation for the month of October 2023. 

According to the Communique, the total revenue distributable for October 2023, was drawn from Statutory Revenue of N305.070 billion, VAT of N323.446 billion, EMTL of N15.552 billion, Exchange Difference of N202.887 billion and Augmentation of N60.000 billion, bringing the total distributable amount for the month to N906.955 billion. 

From the total revenue from Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference, and Augmentation of N60 billion, the Federal Government received N323.355 billion, the States received N307.717 billion, the Local Government Councils got N225.209 billion, while the Oil Producing States received N50.674 billion as Derivation, (13% of Mineral Revenue). 

The statement provided a further breakdown to include: 

Also, the balance in the Excess Crude Account (ECA) stayed at $473,754.57 as of November 22, 2023. 

The communiqué further revealed that N50.674 billion was given for the cost of collection, and N386.081 billion was allocated for Transfers Intervention and Refunds. 

Petroleum Profit Tax (PPT), Import Duty, VAT, Customs External Tariff (CET) and EMTL increased significantly. 

However, Excise Duties, Oil and Gas Royalties and Companies Income Tax (CIT) recorded a decrease in  

The FAAC’s Retreat and Meeting was held at Asaba, Delta State, and was chaired by Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy who was represented by Okokon Udo, the Permanent Secretary Federal Ministry of Finance.