The Federation Account Allocation Committee (FAAC), at its meeting recently, has shared a total sum of N760.235 billion to the three tiers of government, as federation allocation for the month of September, 2022.
In a statement released to the Pressmen and signed by the Director, Information and Press, Phil Abiamuwe-Mowete on Thursday in Abuja.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Savings from Non-Oil Revenue and Electonic Money Transfer Levy (EMTL), the Federal Government received N294.244 billion, States received N233.223 billion, and the Local Government Councils got N172.776 billion, while the Oil producing states received N59.992 billion as derivation, (13% of Mineral Revenue).
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for September 2022 was N189.928 billion which is a decrease distributed in the preceding month.
The distribution is as follows; Federal Government got N28.489 billion, the States received N94.964 billion, Local Government Councils got N66.475 billion.
Accordingly, the Gross Statutory Revenue of N502.135 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921 billion, States got N118.141billion, LGCs got N91.081billion, and Oil Derivation (13% Mineral Revenue) got N59.992 billion.
Also, N8.172 billion of Electronic Money Transfer Levy (EMTL) distributable revenue was shared to the three (3) tiers of government as follows; the Federal Government received N1.226 billion, States got N4.086 billion, Local Government Councils received N2.860 billion.
It further disclosed that, the sum of N60 billion savings from Non-Oil Revenue which was converted to distributed revenue was shared as follows; Federal Government received N31.608 billion, States got N16.032 billion and Local Government Councils received N12.360 billion.
The Communiqué further revealed that Oil and Gas Royalties increased tremendously, while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. However, Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably.
However, the total revenue distributable for the current month of September according to the Communiqué which was drawn from Statutory Revenue of N502.135 billion, Value Added Tax (VAT) of N189.928 billion, N8.172 billion drawn from Electronic Money Transfer Levy (EMTL), and the N60 billion Savings from Non-Oil Excess Revenue, bringing the total distributable for the month to N760.235 billion.
However, the balance in the Excess Crude Account (ECA), as at 27th October 2022 stands at $472,513.64.
