FAAC shares N1.1trn August revenue, increases allocation to states, councils

The Federation Account Allocation Committee (FAAC) says it has distributed the sum of N1.1 trillion in revenue the country realized in August 2023 to the federal, state and local governments.

FAAC also announced that a total revenue of N1,483,902 trillion was available in the month of August 2023 out of which N1.1 trillion was shared.

The Director, of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, said in a statement that the sharing was done at its September meeting of the Minister of Finance and State Commissioners for Finance held in Abuja.

It disclosed the balance in the Excess Crude Account (ECA) as $473,754.57, despite the recent increase in monthly revenue generation.

Allocations are usually shared from the preceding month’s revenue meaning August will be shared in September.

The statement reads: “The Federation Account Allocation Committee (FAAC) has shared a total sum of N1100.101 trillion August 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

“A communique issued by the FAAC at its September 2023 meeting indicated that the N1100.101 trillion total distributable revenue comprised distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N 229.568 billion and Augmentation of N177.092 billion.
“According to the communique, total revenue of N1483.902 trillion was available in the month of August 2023. Total deductions for the cost of collection were N58.755 billion, total transfers and refunds were N254.046 billion and savings were N71.000 billion.

“Gross statutory revenue of N 891.934 billion was received for the month of August 2023. This was lower than the N1150.424 billion received in the month of July 2023 by N258.490 billion.
“The gross revenue available from the Value Added Tax (VAT) was N345.727 billion. This was higher than the N298.789 billion available in the month of July 2023 by N46.938 billion.

“The communique stated that from the N1100.101 trillion total distributable revenue, the Federal Government received a total of N431.245 billion, the State Governments received N361.188 billion and the Local Government Councils received N266.538 billion.

“A total sum of N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL), were shared to the relevant States as derivation revenue.

“From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the State Governments received N87.800 billion and the Local Government Councils received N67.690 billion. The sum of N14.446 billion (13% of mineral revenue) and N14.361billion (13 % of savings from NNPCL) were shared with the relevant States as derivation revenue.

“The Federal Government received N48.291 billion, the State Governments received N160.971 billion and the Local Government Councils received N112.679 billion from the N321.941 billion distributable Value Added Tax (VAT) revenue.

“The N14.102 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.115 billion, the State Governments received N7.051 billion and the Local Government Councils received N4.936 billion.

“The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue. The State Governments received N58.048 billion, and the Local Government Councils received N44.752 billion. The sum of N12.027 billion (13% of mineral revenue) and N0.296 billion (13 % of savings from NNPCL) went to the relevant States as derivation revenue.”

It added: “From the N177.092 billion Augmentation, the Federal Government received N93.292 billion, the State Governments received N47.319 billion and the Local Government Councils received N36.481 billion.
“In the month of August 2023, Value Added Tax (VAT), Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.

“The balance in the Excess Crude Account (ECA) was $473,754.57.”

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