Business
FG, states, LGAs share N906bn as revenue allocation in October
The three tiers of government on Wednesday shared the sum of N906.955 billion as revenue allocation for October.
This is contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Asaba, Delta State.
The distributable revenue comprised statutory revenue of N305.070 billion, Value Added Tax (VAT) revenue of N323.446 billion, and Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion.
It also comprised Exchange Difference revenue of N202.887 billion and Augmentation of N60.000 billion.
According to the communiqué, total revenue of N1,346.519 trillion was available in October.
It read: “Total deductions for the cost of collection was N53.483 billion; total transfers, interventions, and refunds was N386.081 billion.
“Gross statutory revenue of N 660.090 billion was received for the month of October 2023. This was lower than the N1,014.953 billion received in the month of September 2023 by N354.863 billion.
READ ALSO: FX scarcity, VAT responsible for rising cost of cooking gas–NLNG
“The gross revenue from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion.
“From the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the state governments received N307.717 billion and the Local Government Councils received N225.209 billion.
“N50.674 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue.
“From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the state governments received N74.852 billion and the LGCs received N57.707 billion.
“The sum of N24.937 billion (13 percent 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 LGCs received N113.206 billion from the N323.446 billion distributable VAT revenue.
“The N15.552 billion EMTL was shared as follows:
“The Federal Government received N2.333 billion, the state governments received N7.776 billion and the LGCs received N5.443 billion.”