The Federation Account Allocation Committee (FAAC), at its Retreat and Meeting held at Asaba, Delta State, chaired by Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy, ably represented, shared a total sum of N906.955 billion to the three tiers of government as Federation Allocation for October 2023 from a gross total of N1346.519 trillion.
This was made known by the Press and Public relations officer, Stephen Kilebi, who revealed that from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference, and Augmentation of N60.000 billion the following tiers of government received the following;
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that,
Accordingly, the Gross Statutory Revenue of N660.090 billion received in the month was lower than N1,014.953 trillion received in September 2023 by N354.863 billion.
From that amount, the sum of N38.942 billion was allocated for the Cost of Collection and a total sum of N316.078 billion for Transfers, Intervention and Refunds.
The remaining balance of N305.070 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N147.574 billion, States got N74.852 billion, LGCs got N57.707 billion, and Oil Derivation (13% Mineral Revenue) got N24.937 billion.
Also, the sum of N16.199 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.333 billion, States got N7.776 billion, Local Government Councils received N5.443 billion and N0.647 billion was allocated for Cost of Collection.
The Communique disclosed N262.887 billion from Exchange Difference, which was shared as follows:
Petroleum Profit Tax (PPT), Import Duty, Value Added Tax (VAT), Customs External Tariff (CET) and Electronic Money Transfer Levy (EMTL) increased significantly.
At the same time, Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.
According to the Communique, the total revenue distributable for the current month of October 2023, was drawn from Statutory Revenue of N305.070 billion, Value Added Tax (VAT) of N323.446 billion, N15.552 billion from Electronic Money Transfer Levy (EMTL), N202.887 billion from Exchange Difference and N60.000 billion Augmentation bringing the total distributable amount for the month to N906.955 billion.
The Excess Crude Account (ECA) balance as of November 22, 2023, stands at $473,754.57.
