Daud Olatunji
In a significant financial allocation, the Federation Account Allocation Committee (FAAC) has disbursed a total of N1.1 trillion as Federation Account Revenue for August 2023 to the Federal Government, State Governments, and Local Government Councils.
This information was disclosed by the Office of the Accountant General of the Federation (OAGF) on Friday.
According to a statement by Bawa Mokwa, the Director of Press and Public Relations at the OAGF, the FAAC issued a communique during its September 2023 meeting, indicating a “N1100.101 billion total distributable revenue.”
The communique also highlighted that the total revenue available in August 2023 amounted to N1.48 trillion.
Deductions for the cost of collection totaled N58.755 billion, transfers, and refunds amounted to N254.046 billion, while savings reached N71.000 billion.
Of the N1100.101 billion total distributable revenue, the Federal Government received N431.245 billion, State Governments obtained N361.188 billion, and Local Government Councils received N266.538 billion.
Additionally, N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL) were allocated to relevant States as derivation revenue.
The breakdown of revenue from the distributable statutory revenue included N173.102 billion for the Federal Government, N87.800 billion for State Governments, and N67.690 billion for Local Government Councils. N14.446 billion (13% of mineral revenue) and N14.361 billion (13% of savings from NNPCL) were distributed to the relevant States as derivation revenue.
From the N321.941 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N48.291 billion, State Governments got N160.971 billion, and Local Government Councils obtained N112.679 billion.
Furthermore, the N14.102 billion Electronic Money Transfer Levy (EMTL) was divided as follows: the Federal Government received N2.115 billion, State Governments got N7.051 billion, and Local Government Councils received N4.936 billion.
Governors received N114.445 billion from the N229.568 billion Exchange Difference revenue, State Governments obtained N58.048 billion, and Local Government Councils received N44.752 billion. An additional N12.027 billion (13% of mineral revenue) and N0.296 billion (13% of savings from NNPCL) were allocated to the relevant States as derivation revenue.
Lastly, from the N177.092 billion Augmentation, the Federal Government received N93.292 billion, State Governments obtained N47.319 billion, and Local Government Councils received N36.481 billion.
The statement highlighted that in August 2023, Value Added Tax (VAT), Import and Excise Duties, and Electronic Money Transfer Levy (EMTL) experienced significant increases, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties recorded notable decreases.
The Excess Crude Account (ECA) balance stood at $473,754.57.
The funds were allocated as follows:
Distributable statutory revenue: N357.398 billion
Distributable Value Added Tax (VAT) revenue: N321.941 billion
Electronic Money Transfer Levy (EMTL) revenue: N14.102 billion
Exchange Difference revenue: N229.568 billion
Augmentation: N177.092 billion
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