The Federation Account Allocation Committee (FAAC) has disclosed the distribution of N906.96 billion among the federal, state, and local governments for October 2023.
The announcement was made in a communiqué issued after the committee’s recent meeting, as reported by the Director (Press and Public Relations) of the Ministry of Finance, Stephen Kilebi, on Wednesday.
The total allocation for October represents a slight increase of N3.48 billion compared to the N903.48 billion shared in September 2023, indicating a recovery from the previous month’s decline.
The shared amount encompasses various revenue sources, including gross statutory revenue, Value Added Tax (VAT), Augmentations from Forex and Non-oil Mineral Revenue, and the electronic money transfer levy (EMTL).
Revenue Generation Breakdown:
- Gross Total Generated: N1.35 trillion
- Amount Shared: N906.955 billion
Revenue Components:
- Statutory Revenue: N305.070 billion
- VAT: N323.446 billion
- EMTL: N15.552 billion
- Exchange Difference: N202.887 billion
- Augmentation: N60.000 billion
Distribution Breakdown:
- Federal Government: N323.355 billion
- States: N307.717 billion
- Local Government Councils: N225.209 billion
- Oil Producing States (Derivation, 13% of Mineral Revenue): N50.674 billion
Additional Details:
- VAT for October 2023: N347.343 billion
- Cost of Collection: N10.894 billion
- Transfers, Intervention, and Refunds: N10.003 billion
- Distribution to Government Tiers: N323.446 billion
- Gross Statutory Revenue: N660.090 billion
- Cost of Collection: N38.942 billion
- Transfers, Intervention, and Refunds: N316.078 billion
- Distribution to Government Tiers:
- Federal Government: N147.574 billion
- States: N74.852 billion
- Local Government Councils: N57.707 billion
- Oil Derivation (13% Mineral Revenue): N24.937 billion
- EMTL: N16.199 billion
- Distribution to Government Tiers:
- Federal Government: N2.333 billion
- States: N7.776 billion
- Local Government Councils: N5.443 billion
- Cost of Collection: N0.647 billion
- Exchange Difference: N262.887 billion
- Distribution to Government Tiers:
- Federal Government: N93.323 billion
- States: N47.334 billion
- Local Government Councils: N36.493 billion
- Derivation (13% of Mineral Revenue): N25.737 billion
- Augmentation: N60.000 billion
- Federal Government: N31.608 billion
- States: N16.032 billion
- Local Government Councils: N12.360 billion
The Excess Crude Account (ECA) balance stood at $473,754.57 as of November 22, 2023. Additionally, N50.674 billion was allocated for the cost of collection, and N386.081 billion was earmarked for Transfers, Intervention, and Refunds. Notably, there were significant increases in Petroleum Profit Tax (PPT), Import Duty, VAT, Customs External Tariff (CET), and EMTL, while Excise Duties, Oil and Gas Royalties, and Companies Income Tax (CIT) experienced decreases.
The FAAC’s Retreat and Meeting were conducted in Asaba, Delta State, chaired by Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy, represented by Okokon Udo, the Permanent Secretary Federal Ministry of Finance.
