By Abdulateef Bamgbose
The Federation Account Allocation Committee (FAAC) has shared a total sum of N760.235 billion September 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for October 2022.
The N760.235 billion total distributable revenue comprised distributable statutory revenue of N502.135 billion, distributable Value Added Tax (VAT) revenue of N189.928 billion, Electronic Money Transfer Levy (EMTL) revenue of N8.172 billion and Augmentation of N60.000 billion.
In September 2022, the total deductions for cost of collection was N34.422 billion and total deductions for transfers, savings and refunds was N303.525 billion.
The balance in the Excess Crude Account (ECA) was $472,513.64.
The communiqué confirmed that from the total distributable revenue of N760.235 billion; the Federal Government received N294.244 billion, the State Governments received N233.223 billion and the Local Government Councils received N172.776 billion. The sum of N59.992 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N825.710 billion was received for the month of September 2022. This was higher than the sum of N654.360 billion received in the previous month by N171.350 billion.
From the N502.135 billion distributable statutory revenue, the Federal Government received N232.921 billion, the State Governments received N118.141 billion and the Local Government Councils received N91.081 billion. The sum of N59.992 billion was shared to the relevant States as 13% derivation revenue.
For the month of September 2022, the gross revenue available from the Value Added Tax (VAT) was N203.960 billion. This was lower than the N231.171 billion available in the month of August 2022 by N27.211 billion.
The Federal Government received N28.489 billion, the State Governments received N94.964 billion and the Local Government Councils received N66.475 billion from the N189.928 billion distributable Value Added Tax (VAT) revenue.
The N8.172 billion from the Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.226 billion, the State Governments received N4.086 billion and the Local Government Councils received N2.860 billion.
From the N60.000 billion Augmentation, the Federal Government received N31.608 billion, the State Governments received N16.032 billion and the Local Government Councils received N12.360 billion.
According to the Communiqué, in the month of September 2022, Oil and Gas Royalties increased tremendously while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably.
