The Federation Account Allocation Committee (FAAC) disbursed a total of N903.480 billion as revenue for the month of September 2023 to the Federal Government, State Governments, and Local Government Councils. This distribution was made from the Federation Account Revenue.
Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, revealed that the total revenue available in September 2023 amounted to N1,594.763 billion, according to the communique issued by FAAC during its October 2023 meeting. Additionally, the Excess Crude Account (ECA) maintained a balance of $473,754.57.
The breakdown of the N903.480 billion distributable revenue includes N423.012 billion as distributable statutory revenue, N282.666 billion as distributable Value Added Tax (VAT) revenue, N10.989 billion as Electronic Money Transfer Levy (EMTL) revenue, and N186.813 billion as Exchange Difference revenue.
From the total distributable revenue, N54.426 billion was deducted for the cost of collection, N347.857 billion was transferred and refunded, and N289.000 billion was saved.
In September 2023, a gross statutory revenue of N1,014.953 billion was received, indicating an increase of N123.019 billion compared to the N891.934 billion received in August 2023.
The gross revenue from Value Added Tax (VAT) amounted to N303.550 billion, which was lower than the N345.727 billion generated in August 2023 by N42.177 billion.
According to the FAAC communique, out of the N903.480 billion distributable revenue, the Federal Government received N320.543 billion, the State Governments received N287.071 billion, and the Local Government Councils received N210.900 billion. Additionally, N84.966 billion (13% of mineral revenue) was shared with relevant states as derivation revenue.
From the distributable statutory revenue of N423.012 billion, the Federal Government received N190.849 billion, the State Governments received N96.801 billion, and the Local Government Councils received N74.629 billion. Furthermore, N60.733 billion (13% of mineral revenue) was shared with relevant states as derivation revenue.
The distributable Value Added Tax (VAT) revenue of N282.666 billion was divided as follows: the Federal Government received N42.400 billion, the State Governments received N141.333 billion, and the Local Government Councils received N98.933 billion.
Regarding the N10.989 billion Electronic Money Transfer Levy (EMTL), the Federal Government received N1.648 billion, the State Governments received N5.495 billion, and the Local Government Councils received N3.846 billion.
From the N186.813 billion Exchange Difference revenue, the Federal Government received N85.647 billion, the State Governments received N43.442 billion, and the Local Government Councils received N33.491 billion. Additionally, N24.233 billion (13% of mineral revenue) went to the relevant states as derivation revenue.
In terms of revenue sources in September 2023, Petroleum Profit Tax (PPT) and Oil and Gas Royalties experienced a significant increase, while Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies recorded significant decreases.
