FAAC Shares ₦1.1 Trillion Among FG, States, LGs As August Revenue 

The three tiers of government in the country, federal, state and local governments, have shared ₦1.1 trillion as revenue for the August 2023 allocation.

Naija News reports that the Federation Account Allocation Committee (FAAC) made this disclosure in a communiqué issued at the end of its latest meeting contained in a statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Bawa Mowa, on Friday.

According to the Committee, the August Allocation showed an increase of ₦133.991 billion over the ₦966.110 billion shared in the preceding month of July.

FAAC explained that a total revenue of ₦1,483.902 trillion was available in the month of August, with total deductions for cost of collection being ₦58.755 billion; total transfers and refunds stood at ₦254.046 billion while savings were ₦71.000 billion.

Gross statutory revenue of ₦891.934 billion was received for the month of August 2023. This was lower than the ₦1150.424 billion received in the month of July 2023 by ₦258.490 billion.

Giving a further breakdown, the Committee noted that ₦1,100.101 trillion total distributable revenue comprised of distributable statutory revenue of ₦357.398 billion, distributable Value Added Tax (VAT) revenue of ₦321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦14.102 billion, Exchange Difference revenue of ₦229.568 billion and Augmentation of ₦177.092 billion.

“The gross revenue available from the Value Added Tax (VAT) was ₦345.727 billion. This was higher than the ₦298.789 billion available in the month of July 2023 by ₦46.938 billion.

“The communique stated that from the ₦1100.101 billion total distributable revenue, the federal government received a total of ₦431.245 billion, the state governments received ₦361.188 billion, and the local government councils received ₦266.538 billion.

“A total sum of ₦26.473 billion (13% of mineral revenue) and ₦14.657 billion (13% of savings from NNPCL), were shared to the relevant states as derivation revenue.” the statement said.

The FAAC also disclosed that of the ₦357.398 billion distributable statutory revenue, the federal government received ₦173.102 billion, state governments received ₦87.800 billion, and the local government councils received ₦67.690 billion.

The federal government received ₦48.291 billion, state governments received ₦160.971 billion, and the local government councils received ₦112.679 billion from the ₦321.941 billion distributable Value Added Tax (VAT) revenue.

Also, of the ₦14.102 billion Electronic Money Transfer Levy (EMTL), the federal government received ₦2.115 billion, the state governments received ₦7.051 billion, and the local government councils received ₦4.936 billion.

The federal government received ₦114.445 billion from the ₦229.568 billion Exchange Difference revenue.

The statement furthermore said, “The state governments received ₦58.048 billion, and the local government councils received ₦44.752 billion. The sum of ₦12.027 billion (13% of mineral revenue) and N0.296 billion (13 % of savings from NNPCL) went to the relevant states as derivation revenue.

“From the ₦177.092 billion Augmentation, the federal government received ₦93.292 billion, the state governments received ₦47.319 billion, and the local Government councils received ₦36.481 billion.

“In the month of August 2023, Value Added Tax (VAT), Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.”

The FAAC also revealed that the balance in the Excess Crude Account (ECA) stood at $473,754.57 million as of September 27, 2023.