Thursday, 23 November 2023 05:11

FAAC: FG, states, LGAs share N906.9bn as allocation for October

Rate this item
(0 votes)

Federation account allocation committee (FAAC) says it shared N906.955 billion with the three tiers of government in October 2023.

The figure represents an increase of N3.48 billion compared to the September disbursement of N903.48 billion.

The committee disclosed this in a communique issued on Wednesday at the end of its November retreat held in Asaba.

According to the statement, the N906.955 billion was drawn from statutory revenue of N423.01 billion, value-added tax (VAT) of N305.070 billion, N323.446 billion from electronic money transfer levy (EMTL), and N15.552 billion from exchange difference.

It also comprised exchange difference revenue of N202.887 billion and augmentation of N60 billion.

The statement said the total revenue of N1,346.519 trillion was available in October 2023.

“Total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion,” the communique said.

“Gross statutory revenue of N660.090 billion was received for October 2023. This was lower than the N1,014.953 billion received in September 2023 by N354.863 billion.

“The gross revenue available from the value added tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in September 2023 by N43.793 billion.”

According to FAAC, from the N906.955 billion total distributable revenue, the federal government received a total of N323.355 billion, the state governments received N307.717 billion and the local government councils (LGCs) received N225.209 billion.

A of N50.674 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

FAAC said from N305.070 billion in distributable statutory revenue, the federal government received N147.574 billion, the state governments received N74.852 billion and the LGCs received N57.707 billion.

“N24.937 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue,” FAAC said.

Also, the federal government received N48.517 billion, the state received N161.723 billion and the LGCs received N113.206 billion from the N323.446 billion distributable VAT revenue.


The Cable

July 12, 2024

FG brokers oil supply deal between crude producers and refineries

Nigeria's oil regulator has struck a deal with producers to allow sales of crude to…
July 12, 2024

Kenya protesters win another round, forces president to fire entire cabinet

Kenyan President William Ruto on Thursday fired his entire cabinet apart from the foreign minister,…
July 11, 2024

How to ask better questions to solve any problem

It’s easy to take something for granted when it’s a daily (if not hourly) part…
July 13, 2024

Customs catches man with 104 live snakes in his trousers

Milk, corn, gopher, Texas rat, and Western hognose snakes are some of the most common…
July 12, 2024

Public officials received N721bn in bribes in 2023 – NBS

A new report from the National Bureau of Statistics (NBS) has revealed that Nigerian public…
July 13, 2024

What to know after Day 870 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russia strikes Ukrainian military-industrial sites, air bases over week Russian forces delivered 39…
June 19, 2024

Chips maker Nvidia rises to world’s most valuable company

Nvidia has become the world’s most valuable company following a staggering rally in its shares,…
June 18, 2024

Amusan secures fourth straight national title in 100m hurdles

Tobi Amusan has claimed her fourth consecutive national title in the women’s 100 metres hurdles…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.