FAAC Shares N760.235Bn As Sept. 2022 Revenue To FG, States, LGAs
The Federation Account Allocation Committee (FAAC), has shared a cumulative total of N760.235 billion as September 2022 Federation Revenue to the three tiers of government namely; Federal, States and Local Governments.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for October 2022 which indicated that N760.235 billion total distributable revenue comprised distributable statutory revenue of N502.135 billion, distributable Value Added Tax (VAT) revenue of N189.928 billion, Electronic Money Transfer Levy (EMTL) revenue of N8.172 billion and Augmentation of N60.000 billion.
The FAAC communique also stated that deductions for cost of collection of Revenue in September was N34.422 billion while deductions for transfers, savings and refunds was N303.525 billion just as the balance of the Excess Crude Account (ECA) stands at $472,513.64.
It also stated that from the distributable revenue of N760.235 billion, the Federal Government received N294.244 billion while the States got N233.223 billion and the Local Government Councils received N172.776 billion.
Similarly, N59.992 billion was shared to the relevant States as 13 percent derivation revenue.
The FACAC distribution also showed that Gross statutory revenue of N825.710 billion was received for the month of September 2022 showing an increase of N171.350 billion in comparison to the N654.360 billion received the previous month.
The communique also indicated that from the N502.135 billion distributable statutory revenue, the Federal Government received N232.921 billion, the States received N118.141 billion and the Local Government Councils received N91.081 billion.
According to the FAAC communique; “The sum of N59.992 billion was shared to the relevant States as 13% derivation revenue.
“For the month of September 2022, the gross revenue available from the Value Added Tax (VAT) was N203.960 billion. This was lower than the N231.171 billion available in the month of August 2022 by N27.211 billion.
“The Federal Government received N28.489 billion, the State Governments received N94.964 billion and the Local Government Councils received N66.475 billion from the N189.928 billion distributable Value Added Tax (VAT) revenue.
“The N8.172 billion from the Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.226 billion, the State Governments received N4.086 billion and the Local Government Councils received N2.860 billion.
“From the N60.000 billion Augmentation, the Federal Government received N31.608 billion, the State Governments received N16.032 billion and the Local Government Councils received N12.360 billion.
“According to the Communiqué, in the month of September 2022, Oil and Gas Royalties increased tremendously while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably,” it stated.
