The Federal government, states and local government councils received N760.235 billion in September 2022 from the Federation Account Allocation Committee (FAAC).
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for October 2022.
According to the communiqué, from the total distributable revenue of N760.235 billion; the Federal Government received N294.244 billion, the states received N233.223 billion and the LGs received N172.776 billion. N59.992 billion was shared to the relevant states as 13 percent derivation revenue.
The N760.235 billion total distributable revenue comprised of the distributable statutory revenue of N502.135 billion, distributable Value Added Tax (VAT) revenue of N189.928 billion, Electronic Money Transfer Levy (EMTL) revenue of N8.172 billion and augmentation of N60.000 billion.
“In September 2022, the total deductions for cost of collection was N34.422 billion and total deductions for transfers, savings and refunds was N303.525 billion, the balance in the Excess Crude Account (ECA) was $472,513,” it stated.
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Gross statutory revenue received for the month of September was N825.7 billion which was 26 percent (N171.3. Billion) higher than the N654.360 billion received in August.
For the review period, the gross revenue from the Value Added Tax (VAT) was N203.960 billion which was N27.211 billion lower than the N231.171 billion available in the previous month.
“The Federal Government received N28.489 billion, the State Governments received N94.964 billion and the Local Government Councils received N66.475 billion from the N189.928 billion distributable Value Added Tax (VAT) revenue,” it added.
From the N8.172 billion Electronic Money Transfer Levy (EMTL), the Federal Government received N1.226 billion, the State Governments received N4.086 billion and the Local Government Councils received N2.860 billion.
“From the N60.000 billion Augmentation, the Federal Government received N31.608 billion, the State Governments received N16.032 billion and the Local Government Councils received N12.360 billion,” it read.
Also in September 2022, Oil and Gas Royalties increased tremendously while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. Value Added Tax (VAT), Import Duty and Companies’ Income Tax (CIT) decreased considerably.
