The Federation Account Allocation Committee (FAAC) has announced the allocation of N906.955 billion in federation account revenue to the federal government, states, and local government areas.
This disbursement, outlined in a communique from the FAAC’s November 2023 meeting, included N305.070 billion in distributable statutory revenue, N323.446 billion in distributable Value Added Tax (VAT) revenue, N15.552 billion in electronic money transfer levy revenue, N202.887 billion in Exchange Difference revenue, and an augmentation of N60.000 billion.
Director of Information in the Office of the Accountant-General of the Federation, Bawa Mokwa, stated that the total revenue for October 2023 was N1,346.519 billion.
Deductions for the cost of collection amounted to N53.483 billion, with N386.081 billion allocated for transfers, interventions, and refunds.
Gross statutory revenue for October 2023 stood at N660.090 billion, showing a decrease from the N1,014.953 billion received in September 2023 by N354.863 billion. Meanwhile, the gross revenue from VAT rose to N347.343 billion, up by N43.793 billion compared to September 2023.
From the total distributable revenue of N906.955 billion, the federal government received N323.355 billion, state governments received N307.717 billion, and local government areas received N225.209 billion. Additionally, N50.674 billion (13 percent of mineral revenue) was shared among relevant states as derivation revenue.
Specifically from the N305.070 billion distributable statutory revenue, the federal government received N147.574 billion, state Governments received N74.852 billion, and LGAs received N57.707 billion. Another N24.937 billion (13 percent of mineral revenue) was allocated to relevant states as derivation revenue.
The distributable VAT revenue of N323.446 billion was shared, with the federal government receiving N48.517 billion, state governments receiving N161.723 billion, and local governments receiving N113.206 billion.
The electronic money transfer levy of N15.552 billion was distributed, with the federal government getting N2.333 billion, state governments receiving N7.776 billion, and LGAs getting N5.443 billion.
From the N202.887 billion Exchange Difference revenue, the federal government received N93.323 billion, state governments received N47.334 billion, and LGAs received N36.493 billion. An additional N25.737 billion (13 percent of mineral revenue) went to relevant states as derivation revenue.
The augmentation of N60.000 billion was shared, with the federal government receiving N31.608 billion, states getting N16.032 billion, and LGAs receiving N12.360 billion
