FAAC: FG, states, LGAs share N736.8bn in October — down by N23bn

The federation account allocation committee (FAAC) says it shared N736.782 billion among the three tiers of government in October 2022.

The figure represents a decrease of N23.2 billion compared to last month’s allocation.

The committee disclosed this in a communique issued at the end of its latest meeting in Abuja on Wednesday.

The N736.782 billion total distributable revenue comprised distributable statutory revenue of N417.724 billion, distributable value-added tax (VAT) revenue of N213.283 billion, exchange gain revenue of N5.775 billion and N100 billion augmentation from non-oil revenue.

Of the sum, the federal government received N293.955 billion, state governments got N239.512 billion, the local governments received N177.086 billion, while the oil-producing states received N26.228 billion as derivation (13 percent of mineral revenue).

From the N417.724 billion distributable statutory revenue, the federal government received N206.576 billion, the state governments got N104.778 billion, and the local governments pocketed N80.779 billion while N25.591 billion was shared with the relevant states as derivation revenue.

For October, the gross revenue available from VAT was N213.283 billion, which is an increase compared to what was distributed in the preceding month.

Out of this sum, the federal government got N31.992 billion, state governments received N106.642 billion, and local governments went home with N74.649 billion.

The communiqué said that N70 billion augmentation was distributed to the three tiers of government, including the federal government (N36.876 billion), states (N18.704 billion), and local governments (N14.420 billion).

In addition, another extra N30 billion augmentation from non-oil revenue was distributed, with N15.804 billion allocated to the federal government, N8.016 billion to the states, and N6.180 billion to local governments.

According to the FAAC, N5.775 billion from exchange gain was shared with the federal government (N2.707 billion), states (N1.373 billion), and local governments (N1.058 billion), while derivation (13 percent of mineral revenue) got N0.637 billion.

It added that the total deductions for the cost of collection were N33.555 billion, and total deductions for transfers, savings and refunds were N186.749 billion.

It further revealed that value-added tax and companies’ income tax increased significantly while oil and gas royalties, petroleum profit tax, and import tax recorded a considerable decrease.

According to the communiqué, the balance in the excess crude account (ECA) as at November 23, 2022, stands at $472.513.64.