FAAC: FG, states and local government share N903.4 billion in September
The Federation Account Allocation Committee (FAAC) has shared N903.4 billion September 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the FAAC meeting for October 2023, according to a statement by its Director, Press and Public Relations, Bawa Mokwa.
“N903.480 billion total distributable revenue 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,” FAAC said.
According to the statement, in September 2023, the total deductions for cost of collection was N54.4 billion and the total deductions for transfers, savings and refunds was N289 billion.
“The balance in the Excess Crude Account (ECA) was $473,754.57. Gross statutory revenue of N 1014.953 billion was received for the month of September 2023. This was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion,” the committee said.
The communiqué confirmed that from the total distributable revenue of N903.480 billion; the Federal Government received N320.543 billion, the State Governments received N287.071 billion and the Local Government Councils received N210.900 billion