The Federation Account Allocation Committee (FAAC) distributed N906.96 billion to the three tiers of government- Federal, State, and Local Governments- in October 2023.
This was revealed by Stephen Kilebi, Director of Press and Public Relations of the Ministry of Finance, in a communique issued on Wednesday.
The N906.96 billion shared in October was part of the federation’s total revenue generation of N1.35 trillion in the same month. The amount shared in October was higher by N3.48 billion than the N903.48 billion shared in September 2023, reversing the downward trend recorded in the previous month.
The communique explained that the total revenue distributable for October 2023 was derived from various sources, including Statutory Revenue of N305.07 billion, Value Added Tax (VAT) of N323.45 billion, Exchange Gain of N202.89 billion, Excess Medium Term Loan (EMTL) of N15.55 billion, and Augmentation of N60 billion. The total distributable amount for October 2023 was N906.96 billion.
The communique further stated that the Federal Government received N323.36 billion, the States received N307.72 billion, the Local Government Councils received N225.21 billion, while the Oil Producing States received N50.67 billion as Derivation (13 per cent of Mineral Revenue).
The communique also gave a breakdown of the revenue sources and their respective allocations. It said that the gross revenue available from VAT for October 2023 was N347.34 billion, which was an increase of N43.79 billion from the N303.55 billion distributed in September 2023.
Out of the VAT revenue, N10.89 billion was allocated for the Cost of Collection, and N10 billion was given for Transfers, Intervention and Refunds. The remaining sum of N323.45 billion was distributed to the three tiers of government, with the Federal Government getting N48.52 billion, the States getting N161.72 billion, and the Local Government Councils getting N113.21 billion.
The communique also disclosed that the gross statutory revenue of N660.09 billion received in October 2023 was lower than the N1.01 trillion received in September 2023 by N354.86 billion.
Out of the statutory revenue, N38.94 billion was allocated for the Cost of Collection and N316.08 billion for Transfers, Intervention and Refunds.
The balance of N305.07 billion was distributed as follows to the three tiers of government: Federal Government got N147.57 billion, States got N74.85 billion, LGCs got N57.71 billion, and Oil Derivation (13 per cent Mineral Revenue) got N24.94 billion.
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