FAAC: FG, States and LGAs share N700.235bn for Sept.

The Federation Account Allocation Committee (FAAC) has shared N700.235 billion to the three tiers of government as federation allocation for September, 2022.

From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and Electonic Money Transfer Levy (EMTL), the Federal Government received N262.636 billion, the States received N217.191 billion, the Local Government Councils got N160.416 billion while oil producing States received N59.992 billion as derivation from 13 percent mineral revenue.

The communiqué by 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 from what was distributed in the preceding month.

The VAT distribution showed that the Federal Government got N28.489 billion, the States received N94.964 billion and the Local Government Councils got N66.475 billion.

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 percent Mineral Revenue) got N59.992 billion.

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Also, N8.172 billion of Electronic Money Transfer Levy (EMTL) distributable revenue was shared to the three tiers of government as follows; the Federal Government received N1.226 billion, States got N4.086 billion, Local Government Councils received N2.860 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.

It was further disclosed that total revenue distributable for the month of September was drawn from Statutory Revenue of N502.135 billion, Value Added Tax (VAT) of N189.928 billion and N8.172 billion drawn from Electronic Money Transfer Levy (EMTL), bringing the total distributable for the month to N700.235 billion.

However, the balance in the Excess Crude Account (ECA), as at 26th October 2022 stands at $472,513.64.