FAAC splits N1.1trn among Federal, State, LGs in August

The Federation Account Allocation Committee (FAAC) has distributed N1.101 trillion in revenue produced in August 2023 to the three tiers of government as a monthly allocation from the Joint Federation Account.

Despite a recent increase in monthly revenue generation, the excess crude account (ECA) balance has stayed at $473,754.57.

According to a statement issued by FAAC at its September 2023 meeting, a total revenue of N1,483,902 trillion was available in August 2023. The entire deductions for collecting costs were N58.755 billion, the total transfers and refunds were N254.046 billion, and the total savings were N71.000 billion.

According to the communique, the N1.1 trillion total distributable revenue is made up of distributable statutory revenue of N357.398 billion, VAT revenue of N321.941 billion, electronic money transfer levy revenue of N14.102 billion, exchange rate differential revenue of N229.568 billion, and augmentation revenue of NN177.092 billion.

For the month of August 2023, gross statutory income of N891.934 billion was received. This was N258.490 billion less than the N1, 150, 424 trillion received in July 2023.

The VAT generated N345.727 billion in gross revenue. This was N46.938 billion more than the N298.789 billion available in July 2023.

According to the statement, the federal government received N431.245 billion from the N1.1 trillion total distributable revenue, 36 states and the FCT received N361.188 billion, and local governments received N266.538 billion.

As derivation revenue, a total of N26.473 billion (13 percent of mineral revenue) and N14.657 billion (13 percent of NNPCL savings) were distributed to the relevant States.
The federal government earned N173.102 billion from the N357.398 billion distributable statutory revenue, state governments received N87.800 billion, and local governments received N67.690 billion.

The federal government earned N48.291 billion from the N321.941 billion in VAT revenue for the month, states received N160.971 billion, and LGAs received N112.679 billion.

The available N14.102 billion electronic transfer levy was divided as follows: the federal government received N2.115 billion, state governments received N7.051 billion, and local governments received N4.936 billion.

A breakdown of the figures shared by Bawa Mokwa, director of press in the office of the federal accountant-general, revealed that the federal government received N114.445 billion from the N229.568 billion generated by the exchange differential, while all state governments received N58.048 billion and LGAs received N44.752 billion.

As derivation revenue, the appropriate States received N12.027 billion (13 percent of mining revenue) and N0.296 billion (13 percent of NNPCL savings).

The federal government received N93.292 billion from the N177.092 billion augmentation, the 36 states received N47.319 billion, and local governments received N36.481 billion.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like