FAAC shares N906.95bn to federal, states, local governments

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Abuja, Nov. 22, 2023 – A total of N906.955 billion was shared by the Federation Account Allocation Committee (FAAC) to federal government, states, and local government councils from federation account Revenue in October 2023.

According to a communique issued by FAAC at its November 2023 meeting, the N906.955 billion distributable revenue comprised: N305.070 billion statutory revenue; N323.446 billion Value Added Tax (VAT) revenue; N15.552 billion Electronic Money Transfer Levy (EMTL) revenue; N202.887 billion Exchange Difference revenue and N60.000 billion augmentation

Total revenue of N1,346.519 billion was available in October 2023. Deductions for cost of collection amounted to N53.483 billion, and total transfers, interventions, and refunds totaled N386.081 billion.

Gross statutory revenue of N660.090 billion was received in October 2023, a decrease of N354.863 billion from the N1,014.953 billion received in September 2023.

Gross VAT revenue was N347.343 billion, an increase of N43.793 billion from the N303.550 billion available in September 2023.

From the total distributable revenue of N906.955 billion, the federal government received N323.355 billion, the State Governments received N307.717 billion, and the Local Government Councils received N225.209 billion. (GBN)

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