The three tiers of government, namely Federal, States as well as Local Government Councils got about N903.48 bn as allocation from the Federation Account in September 2023, the Federation Accounts Allocation Committee (FAAC) disclosed on Tuesday.
In a communiqué issued at the end of its meeting in Abuja, the FAAC Secretariat said the disbursement of statutory allocations were from a total of N1.595 trillion realised as gross revenue during the month.
The Coordinating Minister of the Economy, Finance and Budget, Wale Edun who signed the communique said the amount consisted tbe Gross Statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference.
The Communique said the gross revenue available for distribution for the month stood at about N303.55bn, a decrease by about N42.177bn, from about N345.727 billion distributed in the preceding month.
The total revenue distributable for the current month of September 2023, was drawn from Statutory Revenue of N423.012 bn, Value Added Tax (VAT) of N282.666 bn, N10.989 bn from Electronic Money Transfer Levy (EMTL) and N186.813 bn from Exchange Difference, bringing the total distributable amount for the month to N903.480 bn.
Details on the sharing showed that the Federal Government received about N320.543bn, while the States received N287.071bn, and the Local Government Councils got N210.900 billion. The Oil Producing States received N84.966 billion as 13% Mineral Derivation Revenue.
While about N54.426 bn deducted as cost of collection by the revenue collection agencies, namely the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigeria Customs Service (NCS), about N347.857 bn was allocated to Transfers and Refunds, while about N289.00bn was transferred to non-Oil Revenue (Savings) for the month of September 2023.
From that amount, the sum of N12.142 billion was allocated for Costs of Collection and N8.742 bn was allocated given for Transfers and Refunds.
The remaining sum of N282.666 billion was distributed to the three tiers of government of which the Federal Government got N42.400 billion, the States received N141.333 billion, Local Government Councils got N98.933 billion.
The report said the Gross Statutory Revenue of N1,014.953 bn realised during the month was higher than about N891.934 billion received in the previous month of August, 2023 by N123.019 bn.
From that amount, the sum of N41.826 bn was allocated to Costs of Collection, about N339.115bn for Transfers and Refunds, and N211.00bn was transferred to non-Oil Revenue (Savings), while the balance of N423.012bn was distributed. to the three tiers of government.
The Federal Government was allocated N190.849 bn, States got N96.801 bn, LGCs N74.629 billion, and N60.733 bn was shared among the oil Producing states Oil Derivation (13% Mineral Revenue).
Also, about N11.447bn realised from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: the Federal Government N1.648 bn, StatesN5.495 bn, Local Government Councils N3.846 bn and N0.458 billion allocated to the revenue agencies as Costs of Collection.
Similarly, about N264.813bn from Exchange Difference was shared as follows: Federal Government N85.647bn, the States N43.442 bn, while N33.491bn was allocated to Local Government Councils, and N24.233bn as Derivation (13% of Mineral Revenue), while about N78 bn was transferred to Non Oil Revenue (Savings).
In addition, the communique revealed that Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably, while Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT) and Custom External Tarrif (CET) levies recorded significant decreases.
The balance in the Excess Crude Account (ECA) as at October 24, 2023 stood at about $473,754.57.