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The Federation Account Allocation Committee (FAAC) shared a total of ₦903.480 billion for the September 2023 Federation Account Revenue to the Federal Government, states and Local Government Councils (LGCs).

FG, states, LGAs shared ₦903 billion revenue in September | Pulse Nigeria

News Agency Of Nigeria

<h2>The Federation Account Allocation Committee (FAAC) shared a total of ₦903.480 billion for the September 2023 Federation Account Revenue to the Federal Government, states and Local Government Councils (LGCs).</h2>

This is contained in a communique issued by the FAAC at the end of its October meeting held in Abuja on Tuesday.

The communique indicated that the ₦903.480 billion total distributable revenue comprised distributable statutory revenue of ₦423.012 billion, Value Added Tax (VAT) revenue of ₦282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦10.989 billion and Exchange Difference revenue of ₦186.813 billion.

It stated that a total revenue of ₦1594.763 billion was available in the month of September 2023.

"Total deductions for cost of collection was ₦54.426 billion, total transfers and refunds was ₦347.857 billion and savings was ₦289.000 billion," the committee stated.

It said that gross statutory revenue of ₦1014.953 billion was received for September, which was higher than the ₦891.934 billion received in August by ₦123.019 billion.

It added that the gross revenue available from VAT was ₦303.550 billion, which was lower than the ₦345.727 billion available in August by ₦42.177 billion.

"From the ₦903.480 billion total distributable revenue, the Federal Government received a total of ₦320.543 billion, the state governments received ₦287.071 billion and the LGCs received ₦210.900 billion.

"A total sum of ₦84.966 billion (13% of mineral revenue) was shared to the relevant states as derivation revenue. From the ₦423.012 billion distributable statutory revenue, the Federal Government received ₦190.849 billion, the state governments ₦96.801 billion and LGCs received ₦74.629 billion.

"The sum of ₦60.733 billion (13% of mineral revenue) was shared to the relevant states as derivation revenue," it said.

It said that the Federal Government received ₦42.400 billion, the state governments received ₦141.333 billion and the LGCs received ₦98.933 billion from the ₦282.666 billion VAT revenue.

The communique further said that ₦10.989 billion EMTL was shared as follows:

The Federal Government received ₦1.648 billion, the state governments received ₦5.495 billion and the Local Government Councils received ₦3.846 billion.

"The Federal Government received ₦85.647 billion from the ₦186.813 billion Exchange Difference revenue, the state governments received ₦43.442 billion, and the LGCs received ₦33.491 billion.

"The sum of ₦24.233 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue.

"The balance in the Excess Crude Account (ECA) was ₦473,754.57," it said.

The News Agency of Nigeria (NAN) reports that in September, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while VAT, Import and Excise Duties, EMTL, Companies Income Tax (CIT) and CET Levies recorded significant decreases.&nbsp;

President Bola Tinubu and his cabinet members during their inaugural Federal Executive Council meeting. [Channels TV]

FG, states, LGAs shared ₦903 billion revenue in September

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