FAAC allocates N906.96 billion to Federal, State, and Local Governments in October

In the latest disbursement, the Federation Account Allocation Committee (FAAC) distributed a total of N906.96 billion among the Federal, State, and Local Governments for the month of October 2023. Stephen Kilebi, Director of Press and Public Relations at the Ministry of Finance, made this announcement in a communique released on Wednesday.

The disclosed amount is part of the federation’s overall revenue generation for October, which stood at N1.35 trillion. This marks a noteworthy increase of N3.48 billion compared to the N903.48 billion shared in the previous month, indicating a recovery from the dip observed in September 2023.

The breakdown of the total distributable revenue for October 2023 includes Statutory Revenue of N305.070 billion, VAT of N323.446 billion, EMTL of N15.552 billion, Exchange Difference of N202.887 billion, and Augmentation of N60.000 billion, summing up to N906.955 billion.

The Federal Government received N323.355 billion, States received N307.717 billion, Local Government Councils received N225.209 billion, and Oil Producing States received N50.674 billion as Derivation (13 per cent of Mineral Revenue).

The communique further detailed that the Gross Revenue available from the Value Added Tax (VAT) for October 2023 was N347.343 billion, marking an increase from the N303.550 billion distributed in the preceding month. From this amount, N10.894 billion was allocated for the Cost of Collection, N10.003 billion for Transfers, Intervention, and Refunds, and the remaining sum of N323.446 billion was distributed to the three tiers of government.

The breakdown of the Gross Statutory Revenue of N660.090 billion revealed a decrease compared to the N1,014.953 trillion received in September 2023. From this, N38.942 billion was allocated for the Cost of Collection, N316.078 billion for Transfers, Intervention, and Refunds, leaving a balance of N305.070 billion distributed among the Federal Government, States, Local Government Councils, and Oil Derivation (13 per cent Mineral Revenue).