A total gross amount of N1594.763 trillion was distributed among FG, states, and LGCs, with a shared sum of N903.480 billion.

admin October 26, 2023
Updated 2023/10/26 at 1:45 AM

In September 2023, the Federation Account Allocation Committee (FAAC), led by Wale Edun, the Honorable Minister of Finance and Co-Ordinating Minister of the Economy, disbursed a total of N903.480 billion to the three tiers of government as their share of the Federation Allocation.

Out of this amount, which includes Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N320.543 billion.

The State governments received N287.071 billion, while the Local Government Councils were allocated N210.900 billion. Additionally, the Oil Producing States received N84.966 billion as Derivation, which is equivalent to 13% of Mineral Revenue.

According to the press release from the Federation Account Allocation Committee (FAAC) at the conclusion of their meeting, it was informed that for the month of September 2023, N54.426 billion was allocated to cost of collection, N347.857 billion was designated for Transfers and Refunds, and N289.000 billion was transferred to Non Oil Revenue (Savings).

The FAAC also revealed in their communique that the Gross Revenue available from Value Added Tax (VAT) for September 2023 was N303.550 billion. This represented a decrease from the previous month’s distribution of N345.727 billion, resulting in a decline of N42.177 billion.

Rewritten: The allocation of funds from the total amount received was as follows: N12.142 billion was allocated for Costs of Collection, N8.742 billion was given for Transfers and Refunds. This left a balance of N282.666 billion which was distributed among the three tiers of government. The Federal Government received N42.400 billion, the States received N141.333 billion, and the Local Government Councils received N98.933 billion.

In comparison to the previous month’s revenue of N891.934 billion, the Gross Statutory Revenue for the current month of N1014.953 billion was higher by N123.019 billion. From this amount, N41.826 billion was allocated to Costs of Collection, N339.115 billion was allocated for Transfers and Refunds, and N211.000 was transferred to Non-Oil Revenue (Savings).

The remaining balance of N423.012 billion was distributed as follows: N190.849 billion was allocated to the Federal Government, N96.801 billion was allocated to the States, and N74.629 billion was allocated to the Local Government Councils.

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