The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N906.955 billion as October 2023 Federation Account Revenue to the federal government, states, and local government councils.
According to a communique issued by FAAC at its November 2023 meeting, the N906.955 billion distributable revenue comprised: N305.070 billion statutory revenue; N323.446 billion Value Added Tax (VAT) revenue; N15.552 billion Electronic Money Transfer Levy (EMTL) revenue; N202.887 billion Exchange Difference revenue and N60.000 billion augmentation
Total revenue of N1,346.519 billion was available in October 2023. Deductions for cost of collection amounted to N53.483 billion, and total transfers, interventions, and refunds totaled N386.081 billion.
Gross statutory revenue of N660.090 billion was received in October 2023, a decrease of N354.863 billion from the N1,014.953 billion received in September 2023.
Gross VAT revenue was N347.343 billion, an increase of N43.793 billion from the N303.550 billion available in September 2023.
From the total distributable revenue of N906.955 billion, the federal government received N323.355 billion, the State Governments received N307.717 billion, and the Local Government Councils received N225.209 billion.
A total sum of N50.674 billion (13 percent of mineral revenue) was shared to the relevant States as derivation revenue.
From the distributable statutory revenue of N305.070 billion, 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.
The Federal Government received N48.517 billion, the State Governments received N161.723 billion, and the Local Government Councils received N113.206 billion from the distributable Value Added Tax (VAT) revenue of N323.446 billion.
The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.333 billion, the State Governments received N7.776 billion, and the Local Government Councils received N5.443 billion.
The Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue. The State Governments received N47.334 billion, and the Local Government Councils received N36.493 billion. The sum of N25.737 billion (13% of mineral revenue) went to the relevant States as derivation revenue.
The Augmentation of N60.000 billion was shared as follows: Federal Government received N31.608, the State Governments received N16.032 billion, and the Local Government Councils received N12.360 billion.
In October 2023, 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.