The Federation Account Allocation Committee (FAAC) has disbursed N1.1 trillion for the month of August to the Federal Government, states, and Local Government Councils (LGCs). This was revealed in a communiqué issued by the FAAC during its September meeting.
The total distributable revenue of N1.1 trillion consisted of various sources, including N357.398 billion from statutory revenue, N321.941 billion from Value Added Tax (VAT) revenue, and N14.102 billion from Electronic Money Transfer Levy (EMTL) revenue. Additionally, it included N229.568 billion from Exchange Difference revenue and N177.092 billion from augmentation.
According to the communiqué, a total revenue of N1.48 trillion was available in August 2023. The deductions for cost of collection amounted to N58.755 billion, while transfers and refunds accounted for N254.046 billion, and savings stood at N71 billion.
Out of the N1.1 trillion distributable revenue, the Federal Government received N431.245 billion, the state governments received N361.188 billion, and the LGCs received N266.538 billion. Furthermore, a sum of N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL) were shared among the relevant states as derivation revenue.
From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the state governments received N87.800 billion, and the LGCs received N67.690 billion. In terms of the N321.941 billion distributable VAT revenue, the Federal Government received N48.291 billion, the state governments received N160.971 billion, and the LGCs received N112.679 billion.
The N14.102 billion EMTL revenue was shared among the three tiers of government, with the Federal Government receiving N2.115 billion, the state governments receiving N7.051 billion, and the LGCs receiving N4.936 billion.
Moreover, the Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue. The state governments received N58.048 billion, and the LGCs received N44.752 billion. Another sum of N12.027 billion (13% of mineral revenue) and N0.296 billion (13% of savings from NNPCL) was distributed to the relevant states as derivation revenue.
From the N177.092 billion augmentation, the Federal Government received N93.292 billion, the state governments received N47.319 billion, and the LGCs received N36.481 billion.
The communiqué also highlighted the changes in various revenue sources. VAT, Import and Excise Duties, and EMTL recorded significant increases, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties experienced notable decreases.
Lastly, the Excess Crude Account (ECA) balance stood at $473.75 million during this period.
