The Federation Account Allocation Committee distributed N906.955 billion to the federal, state, and local governments during a meeting on Wednesday, November 23, 2023, out of the N1.345 trillion that Nigeria generated from various sources in October 2023.
The Times reported that this is according to a communiqué that was issued at the end of the gathering last night by FAAC.
The statement claimed that N305.070 billion in statutory revenue, N323.446 billion in value-added tax, N15.552 billion in electronic money transfer levy, N202.887 billion in exchange difference, and N60.000 billion in augmentation made up the total sum released.
While excise duties and the company’s income tax saw notable drops during the review month, import duty, petroleum profit tax, value-added tax, CET levies, and EMTL all saw major increases. Oil and Gas Royalties saw a little decline.
It was revealed that after subtracting N386.081 billion from the overall transfers, interventions, and refunds and N53.483 billion from the cost of collection, the funds dropped from N1.345 trillion to N906.955 billion.
The N906.955 billion was divided as follows: N50.674 billion was distributed to the relevant states as 13 percent of mineral revenue, the federal government received N323.355 billion, state governments received 307.717 billion, and local government councils received N225.209 billion.
Additionally, the federal government received N147.574 billion from the N305.070 billion distributable statutory revenue, the state governments received N74.852 billion, the councils received N57.707 billion, and the appropriate states received N24.937 billion in derivation money.
Furthermore, FAAC distributed N48.517 billion to the federal government, N161.723 billion to the state governments, and N113.206 billion to the councils out of the N323.446 billion in VAT income.
Furthermore, the federal, state, and municipal governments received N2.333 billion, N7.776 billion, and N5.443 billion, respectively, out of the N15.552 billion EMTL.
It was revealed that the federal government collected N93.323 billion from the N202.887 billion Exchange Difference revenue, the state governments received N47.334 billion, and the 774 local government areas received N36.493 billion. Additionally, N25.737 billion was given to the relevant states as derivation revenue.
The communiqué indicates that the 36 states received N16.032 billion, the councils divided N12.360 billion, and the central government received N31.608 billion from the N60.000 billion increase.
