THE Federation Account Allocation Committee (FAAC) has allocated N903.4 billion in Federation Account Revenue for September 2023 to the Federal Government, States, and Local Government Councils.
According to a statement by its Director, Press and Public Relations, Bawa Mokwa, this was contained in a communiqué published at the end of the FAAC meeting for October 2023.
“N903.480 billion total distributable revenue comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N 282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion,” FAAC said.
The statement also revealed that the entire deductions for the cost of collection in September 2023 were N54.4 billion, while the total deductions for transfers, savings, and refunds were N289 billion.
“The balance in the Excess Crude Account (ECA) was $473,754.57. Gross statutory revenue of N 1014.953 billion was received for the month of September 2023. This was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion,” the committee said.
The communiqué revealed that the Federal Government received N320.543 billion, the State Governments received N287.071 billion, and the Local Government Councils received N210.900 billion of the total distributable revenue of N903.480 billion.
