Nigeria’s FAAC Disburses N700.235 billion to FG, States, and LGAs in September 2022

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Nigeria's FAAC Disburses N700.235 billion to FG, States, and LGAs in September 2022
Nigeria's FAAC Disburses N700.235 billion to FG, States, and LGAs in September 2022

The Federation Account Allocation Committee (FAAC) has shared the sum of N700.235 billion to the three tiers of government from the Federation Account, as federal allocation for the month of September 2022.

This shows an increase of N27.098 billion against the N673.137 billion shared in the month of August 2022.

Nigeria's FAAC Disburses N700.235 billion to FG, States, and LGAs in September 2022
Nigeria’s FAAC Disburses N700.235 billion to FG, States, and LGAs in September 2022

FAAC Communique Shows N700.235 billion Was Shared Among FG, States, and LGAs in September 2022

This was disclosed in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Wednesday.

The N700.235 billion was made up of statutory revenue of N502.135bn billion, Value Added Tax (VAT) revenue of N189.928bn billion and Electronic Money Transfer of N8,172 billion.

From this amount, inclusive of Gross Statutory Revenue, Value Added Tax, and Electonic Money Transfer Levy, the Federal Government received N262.636bn, the states received N217.191bn, the Local Government Councils got N160.416bn, while the oil producing states received N59.992bn as derivation, (13 per cent of mineral revenue).

The communiqué issued by the Federation Account Allocation Committee, at the end of the meeting, indicates that the Gross Revenue available from the Value Added Tax for September 2022 was N189.928bn which is a decrease distributed in the preceding month. The distribution is as follows; Federal Government got N28.489bn, the states received N94.964bn, Local Government councils got N66.475bn.

Accordingly,  the gross statutory revenue of N502.135bn distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921bn, States got N118.141bn, LGCs got N91.081bn, and Oil Derivation (13 per cent mineral revenue) got N59.992bn.

Also, N8.172 billion of Electronic Money Transfer Levy (EMTL) distributable revenue was shared to the three tiers of government as follows; the Federal Government received N1.226 billion, States got N4.086 billion, Local Government Councils received N2.860 billion.

The FAAC communiqué further reveals that Oil and Gas Royalties increased tremendously, while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. However, Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably.

From the analysis of the FAAC Communique, SKYTREND NEWS however gathers that the balance in the Excess Crude Account (ECA), as at 26th October 2022 stands at $472,513.64.