FG, States, LGs Share N903.4bn from N1.594tn Gross Revenue in September

•VAT, import, excise duties, companies income tax, others record significant drop 

•Excess crude account stagnant at $473,754.57

Ndubuisi Francis in Abuja

The Federation Account Allocation Committee (FAAC), yesterday, shared a total sum of N903.480 billion among the federal, state and local governments as September 2023 federation account revenue.

The amount shared was after deductions were made from a gross revenue of N1, 594.763 trillion, comprising cost of collection (N54.426 billion), total transfers and refunds (N347.857 billion), and savings (N289.000 billion).

The N903.480 billion total distributable revenue was lower than N1.1 trillion shared as revenue for the month of August.

The amount shared also comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N 282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion, and Exchange Difference revenue of N 186.813 billion.

A statement by the committee said Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presided over the FAAC meeting.

It said gross statutory revenue of N1, 014.953 trillion was received for the month of September 2023, which was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion.

The gross revenue available from VAT was N303.550 billion, which was lower than the N345.727 billion available in the month of August 2023 by N42.177 billion.

From the N903.480 billion total distributable revenue, the federal government received a total of N320.543 billion, states received N287.071 billion, and local governments received N210.900 billion.

A total sum of N84.966 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

From the N423.012 billion distributable statutory revenue, the federal government received N190.849 billion, states received N96.801 billion, while the local government councils received N74.629 billion.

The sum of N60.733 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

The federal government received N42.400 billion, the states received N141.333 billion while the local government councils received N98.933 billion from the N282.666 billion distributable VAT revenue.

The N10.989 billion Electronic Money Transfer Levy (EMTL) was also shared as follows: the federal government received N1.648 billion, the state governments received N5.495 billion, and the local government councils received N3.846 billion.

The federal government received N85.647 billion from the N186.813 billion Exchange Difference revenue, state governments received N43.442 billion, and the local government councils received N33.491 billion.

The sum of N24.233 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue.

In the reference month, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while VAT, Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies recorded significant decreases.

As at October 24, 2023, the balance in the Excess Crude Account (ECA) remained stagnant at $473,754.57 (Four hundred and seventy three thousand, seven hundred and fifty four dollars fifty seven cents). In the past few months, the account had not posted any increase.