FG, States, LGs share N760bn September allocation from Federation Account

The Federation Account Allocation Committee (FAAC) in a communiqué after its October 2022 meeting,  disclosed that the federal, states and local governments shared N760 billion allocation for the month of September.

FAAC gave the breakdown of the N760.235 billion revenue for the month of September as follows,  N502.135 billion for statutory revenue, N189.928 billion for value-added tax (VAT), and N8.172 billion for electronic money transfer levy (EMTL).

The communiqué indicated that the federal government received N294.244 billion, the states received N233.223 billion, and local governments received N172.776 billion.

Oil-producing states received N59.992 billion as derivation in accordance with the 13 percent of mineral revenue.

FAAC disclosed that the gross revenue available from the value-added tax was N189.928 billion. The federal government received N28.489 billion, the states received N94.964  billion and local governments had N66.475 billion.

On the gross statutory revenue of N502.135 billion distributed, the federal government received N232.921 billion, the states and local governments received N118.141 billion and N91.081 billion, respectively.

FAAC also revealed that oil and gas royalties increased tremendously.

The Committee noted that petroleum profit tax (PPT) and excise duty increased marginally, value-added tax (VAT), but import duty, and companies income tax (CIT) decreased considerably.

The committee stated that the balance in the excess crude account (ECA), as at October 26, 2022, was $472,513.64.