By Temitope Ponle
Abuja, Nov. 23, 2022 The Federation Account Allocation Committee (FAAC) has shared N736.782 billion to the three tiers of government as Federation Allocation for the month of October.
This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning on Wednesday.
The N736.782 billion is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from non-oil revenue.
The Federal Government received N293.955 billion, the states received N239.512 billion, and the LGCs got N177.086 billion.
Meanwhile, the oil producing states received N26.228 billion as derivation (13 per cent of mineral revenue).
The communiqué issued indicated that the Gross Revenue available from VAT for October was N213.283 billion which was an increase as against what was distributed in the preceding month.
“The distribution is as follows; Federal Government got N31.992 billion, the states received N106.642 billion, Local Government Councils got N74.649 billion.
“The Gross Statutory Revenue of N417.724 billion distributed is lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion.
“Sstates got N104.778 billion, LGCs got N80.779 billion, and oil derivation (13 per cent mineral revenue) got N25.591 billion.
“Also, N70 billion Augmentation was distributed to the three tiers of government as follows; the Federal Government received N36.876 billion, states got N18.704 billion, Local Government Councils received N14.420 billion.
“In addition, another extra N30 billion Augmentation from non-oil revenue was distributed as follows, Federal Government received N15.804 billion, the states got N8.016 billion, while the Local Government Councils received N6.180 billion.”
It was also noted that the sum of N5.775 billion from Exchange Gain was shared.
Out of the N5.775 billion, the Federal Government received N2.707 billion, and the states got N1.373 billion.
The LGCs also received N1.058 billion and Derivation (13 per cent of mineral revenue) got N0.637 billion.
It also said that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases.
Meanwhile, VAT, and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.
The communiqué said the total revenue distributable for October was drawn from Statutory Revenue of N417.724 billion, VAT of N213.283 billion, and Exchange Gain of N5.775 billion.
It was also drawn from N100 billion Augmentation from non-oil revenue.
This brought the total distributable funds for the month to N736.782 billion.
However, the balance in the Excess Crude Account (ECA) as at Nov. 23 stood at 472,513.64 dollars.