…..As Statutory Revenue Dips By N354.863Bn M-o-M
The Federation Account Allocation Committee (FAAC) on Wednesday reported that it shared a total sum of N906.955 billion from the October 2023 Federation Account revenue to the Federal, State and Local Government Councils.
The committee, in a communiqué issued after its November 2023 meeting, indicated that the N906.955 billion total distributable revenue in October comprised statutory revenue of N305.070 billion, Value Added Tax (VAT) revenue of N 323.446 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion, Exchange Difference revenue of N 202.887 billion and Augmentation accruals of N60.000 billion.
According to the communiqué, total revenue of N1,346.519 billion was available in the month of October 2023 while total deductions for cost of collection totalled N53.483 billion and total transfers, interventions and refunds was N386.081 billion.
The committee reported that Gross statutory revenue of N 660.090 billion was collected in the month under review, lower by N354.863 billion than the N1,014.953 billion generated in September 2023.
It stated that the gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion.
The communique reflected that from the N906.955 billion total distributable revenue, the Federal Government got N323.355 billion, the state governments received N307.717 billion compared to the the N225.209 billion distributed to the local government councils.
A total sum of N50.674 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
According to the committee, from the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the State Governments received N74.852 billion and the Local Government Councils received N57.707 billion. The sum of N24.937 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
In addition, it reported that from the N323.446 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N48.517 billion, the state governments shared N161.723 billion and the local government councils received N113.206 billion
The FAAC further reported that out of the N15.552 billion Electronic Money Transfer Levy (EMTL), the Federal Government got N2.333 billion, the State Governments received N7.776 billion and the Local Government Councils shared N5.443 billion.
This is even as it disclosed that the Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue while the state governments got N47.334 billion, and the Local Government Councils were allocated N36.493 billion.
The FAAC stated that the sum of N25.737 billion was shared by mineral producing states as 13% of minerals derivation revenue.
It clarified that the Augmentation of N60.000 billion,the Federal Government received N31.608, the State Governments received N16.032 billion and the Local Government Councils received N12.360 billion.
In the month under review, the committee reported that Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and Electronic Money Transfer Levy (EMTL) increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.
