The three tiers of government, including the Federal, States and Local Governments share a total of N906.955 billion as allocation from the Federation Account for October 2023.
A communique issued by the Federation Account Allocation Committee (FAAC) at the end of its November, 2023 meeting showed that the amount distributed as total distributable revenue comprised distributable statutory revenue of N305.070 billion; distributable Value Added Tax (VAT) revenue of N323.446 billion; Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion; Exchange Difference revenue of N202.887 billion, and Augmentation of N60 billion.
Also, the communiqué showed that total revenue of N1.35 trillion was available for distribution in October 2023 after total deductions for cost of collection N53.483 billion; total transfers, interventions and refunds N386.081 billion.
Gross statutory revenue of N660.090 billion received for the month of October 2023 was lower than the N1.03 trillion received in the month of September 2023 by N354.863 billion.
The gross revenue available from the Value Added Tax (VAT) was N347.343 billion,which was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion.
The communique stated that from the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion; the State Governments N307.717 billion, and the Local Government Councils N225.209 billion.
A total of N50.674 billion was shared as 13% derivation mineral revenue to the relevant States.
From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the State Governments N74.852 billion and the Local Government Councils N57.707 billion.
The sum of N24.937 billion (13% of mineral revenue) was shared to the relevant States as derivation revenue.
The Federal Government received N48.517 billion, the State Governments N161.723 billion and the Local Government Councils N113.206 billion from the N323.446 billion distributable Value Added Tax (VAT) revenue.
The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: Federal Government N2.333 billion, State Governments received N7.776 billion and the Local Government Councils N5.443 billion.
The Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue,while the State Governments received N47.334 billion, and the Local Government Councils N36.493 billion. The sum of N25.737 billion (13% of mineral revenue) went to the relevant States as derivation revenue.
The Augmentation of N60 billion was shared as follows: Federal Government N31.608, the State Governments N16.032 billion and the Local Government Councils N 12.360 billion.
In the month of October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and Electronic Money Transfer Levy (EMTL) increased significantly, while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.
