The Federation Account Allocation Committee (FAAC), at the end of its Wednesday meeting held in Abuja disclosed that it distributed a total sum of N736.782 billion to the three tiers of government as allocation from the federation account in for the month of October.
The committee disclosed that out of this amount generated from Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from non-oil revenue, the Federal Government got N293.955 billion, the states received N239.512 billion, the Local Government Councils got N177.086 billion, while the oil producing states received N26.228 billion as 13% derivation of mineral revenue.
The Communiqué issued by the FAAC at the end of the meeting, indicated that the gross revenue available from the Value Added Tax (VAT) for the month totaled N213.283 billion.
According to the document, the Federal Government got N31.992 billion from the VAT collection, the states received N106.642 billion while the Local Government Councils got N74.649 billion.
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The communiqué further reflected that the Gross Statutory Revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion, the states got N104.778 billion, LGCs got N80.779 billion, and oil producing states got N25.591 billion as 13% derivation of mineral revenue.
The FAAC clarified that out of the N70 billion Augmentation revenue, the Federal Government received N36.876 billion, the 36 states got N18.704 billion compared to the N14.420 billion shared to the Local Government Councils.
Similarly, it disclosed that the extra N30 billion Augmentation from Non-Oil revenue was also distributed with the Federal Government receiving N15.804 billion, the states N8.016 billion, while the Local Government Councils received N6.180 billion.
The Communiqué further indicated that the sum of N5.775 billion from Exchange Gain was shared among the tiers of government with the Federal Government collecting N2.707 billion, the 36 states and the Local Government Councils got N1.373 billion and N1.058 billion respectively while the oil producing states got N0.637 billion as 13% of mineral revenue derivation entitlement.
The FAAC reported that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty collections decreased in October while Value Added Tax (VAT), and Companies Income Tax (CIT) increased significantly, adding that Excise Duty marginally increased.
According to the Communiqué, the total revenue distributable for the month under review comprised Statutory Revenue of N417.724 billion, Value Added Tax (VAT) of N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion Augmentation from Non-Oil Revenue, bringing the total distributable for the month to N736.782 billion.
The communiqué also indicated that the balance in the Excess Crude Account (ECA) as at 23rd November, 2022 stood at $472,513.64
