A communique issued by the FAAC at its October 2023 meeting,
in Abuja, on Tuesday, indicated that the N903.480 billion total distributable
revenue was earned into the Federation Account Revenue, last month.
It 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.
According to the communique, total revenue of N1. 594
trillion was available in September 2023.
Total deductions for cost of collection was N54.426 billion;
total transfers and refunds were N347.857 billion, while savings stood at
N289.000 billion.
Gross statutory revenue of N 1014.953 billion was received
for September 2023.
This was higher than the N891.934 billion received in August
2023 by N123.019 billion.
The gross revenue available from the Value Added Tax (VAT)
was N303.550 billion, which was N42.117
lower than the N345.727 billion available in August.
Details of the distribution showed that from the N903.480
billion total distributable revenue, the Federal Government received a total of
N320.543 billion, State Governments received N287.071 billion, while the Local
Government Councils received N210.900 billion.
A total of N84.966 billion (13% of mineral revenue) was
shared with the oil-producing states as derivation revenue.
From the N423.012 billion distributable statutory revenue,
the Federal Government received N190.849 billion, the State Governments
received N96.801 billion and the Local Government Councils received N74.629
billion.
The sum of N60.733 billion (13% of mineral revenue) was
shared with the relevant States as derivation revenue.
The Federal Government received N42.400 billion from the
N282. 666 billion proceeds of the VAT.
The State Governments received N141.333 billion, while the
Local Government Councils received N98.933 billion.
The N10.989 billion Electronic Money Transfer Levy (EMTL)
was 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.
The State Governments received N43.442 billion, and the
Local Government Councils received N33.491 billion.
The sum of N24.233 billion (13% of mineral revenue) went to
the relevant States as derivation revenue.
The balance in the Excess Crude Account (ECA) was put
at $473,754.57.