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FAAC allocates N903.4 billion to FG, states, LGs for September 2023

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FAAC allocates N903.4 billion to FG, states, LGs for September 2023

In its October 2023 meeting, the Federation Account Allocation Committee (FAAC) disbursed a total of N903.480 billion from the Federation Account Revenue to the Federal Government, State Governments, and Local Government Councils for September 2023.

This distribution encompassed various revenue sources, including statutory revenue, Value Added Tax (VAT) revenue, Electronic Money Transfer Levy (EMTL) revenue, and Exchange Difference revenue.

The gross statutory revenue for September exceeded the previous month by N123.019 billion, but VAT revenue experienced a decrease compared to the previous month.

READ ALSO: FAAC shares N1.945 trillion to FG, States, LGA in first quarter

The allocation breakdown revealed that the Federal Government received N320.543 billion, State Governments received N287.071 billion, Local Government Councils received N210.900 billion, and oil-producing states received N84.966 billion as derivation revenue.

Statutory revenue was divided as follows: N190.849 billion for the Federal Government, N96.801 billion for State Governments, and N74.629 billion for Local Government Councils.

VAT proceeds were distributed with the Federal Government receiving N42.400 billion, State Governments receiving N141.333 billion, and Local Government Councils receiving N98.933 billion.

Electronic Money Transfer Levy (EMTL) revenue was shared among these entities, with the Federal Government receiving N1.648 billion, State Governments receiving N5.495 billion, and Local Government Councils receiving N3.846 billion.

Exchange Difference revenue was allocated as N85.647 billion for the Federal Government, N43.442 billion for State Governments, and N33.491 billion for Local Government Councils, while the relevant states received N24.233 billion as derivation revenue.

The balance of the Excess Crude Account (ECA) stood at $473,754.57.

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