Allocation

Abuja, Dec. 16, 2023: The Federation Account Allocation Committee (FAAC) has shared N1.088.783 trillion November revenue to the Federal Government, States and Local Government Councils (LGCs).

This is according to the communique issued by the FAAC at its meeting on Friday.

The communique said that the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.

According to the communique, total revenue of N1.620 trillion was available in the month of November.

“Total deductions for cost of collection was N60.960 billion; total transfers, interventions and refunds was N470.592 billion.

“Gross statutory revenue of N882.560 billion was received for the month of November. This was higher than the N660.090 billion received in the month of October by N222.470 billion.

“The gross revenue available from VAT in November was N360.455 billion. This was higher than the N347.343 billion available in October by N13.112 billion,” it said.

The communique said that from the N1.088.783 trillion total distributable revenue, the Federal Government received N402.867 trillion, the state governments received N351.697 billion and the LGCs received N258.810 billion.

“A total sum of N75.410 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“From the N376.306 billion distributable statutory revenue, the Federal Government received N174.908 billion, the State governments received N88.716 billion and the LGCs received N68.396 billion.

“The sum of N44.286 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

It said that the federal government received N50.348 billion, the state governments received N167. 828 billion and the LGCs received N117.480 billion from the N335.656 billion distributable VAT revenue.

“The communique further said that from the N11.952 billion EMTL, the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the LGCs received N4.183 billion.”

It added that the federal government received N175.817 billion from the N364.869 billion exchange difference revenue, while the state governments received N89.177 billion, and the LGCs received N68.751 billion.

“The sum of N31.124 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“In the month of November, companies income tax, excise duty, petroleum profit tax, oil and gas royalties and VAT increased considerably, while CET levies, Import Duty and EMTL recorded decreases,” it said.

It announced that the balance in the Excess Crude Account was 473.754 million dollars.

Abuja, Nov. 23, 2023: The Federation Account Allocation Committee (FAAC), on Wednesday, shared the sum of N906.955 billion among the three tiers of government as federation allocation for the month of October.

This is contained in a communique issued in Abuja after the FAAC retreat and meeting in Asaba.

The communique indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added Tax (VAT) revenue of N323.446 billion and Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion.

It also comprised Exchange Difference revenue of N202.887 billion and Augmentation of N60.000 billion.

The Communiqué said the total revenue of N1,346.519 trillion was available in the month of October 2023.

“Total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion.

“Gross statutory revenue of N 660.090 billion was received for the month of October 2023. This was lower than the N1,014.953 billion received in the month of September 2023 by N354.863 billion.

“The gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion,” thecommunique said.

It further said that from the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the state governments received N307.717 billion and the Local Government Councils (LGCs) received N225.209 billion.

“A total sum of N50.674 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

“From the N305.070 billion distributable statutory revenue, the Federal Government received N147.574 billion, the state governments received N74.852 billion and the LGCs received N57.707 billion.

” The sum of N24.937 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

“The Federal Government received N48.517 billion, the state governments received N161.723 billion and the LGCs received N113.206 billion from the N323.446 billion distributable VAT revenue.

“The N15.552 billion EMTL was shared as follows:

“The Federal Government received N2.333 billion, the state governments received N7.776 billion and the LGCs received N5.443 billion,” It said.

It said that the Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue, while the state governments received N47.334 billion, and the LGCs received N36.493 billion.

“The sum of N25.737 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue,” it said.

It explained that the augmentation of N60.000 billion was shared as follows:

“Federal Government received N31.608, the state governments received N16.032 billion and the LGCs received N 12.360 billion,” it said.

The communique said that Import Duty, Petroleum Profit Tax (PPT VAT, CET Levies and EMTL increased significantly while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases.

“Oil and Gas Royalties decreased marginally,” it said.

Abuja, Sept. 29, 2023: The Federation Account Allocation Committee (FAAC), has shared the sum of N1.1 trillion to the Federal Government, states and Local Government Councils (LGCs) for August.

This is contained in a communiqué issued by the FAAC at its September meeting.

The communiqué said that the N1.1 trillion total distributable revenue comprised statutory revenue of N357.398 billion, Value Added Tax (VAT) revenue of N 321.941 billion and Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion.

It also comprised Exchange Difference revenue of N229.568 billion and Augmentation of N177.092 billion.

The communiqué said total revenue of N1.48 trillion billion was available in the month of August 2023.

“Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71 billion.

“Gross statutory revenue of N 891.934 billion was received for the month of August 2023. This was lower than the N1.1 trillion received in the month of July by N258.49 billion.

“The gross revenue available from VAT was N345.727 billion. This was higher than the N298.78 billion available in the month of July by N46.938 billion,’’ it said.

It said that from the N1.1 trillion total distributable revenue, the Federal Government received N431.245 billion, the state governments received N361.188 billion and the LGCs received N266.538 billion.

“A total sum of N26.473 billion, (13 per cent of mineral revenue) and N14.657 billion (13 per cent of savings from NNPCL), were shared to the relevant states as derivation revenue.

“From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the state governments received N87.800 billion and the LGCs received N67.690 billion.

:The Federal Government received N48.291 billion, the state governments received N160.971 billion and the LGCs received N112.679 billion from the N321.941 billion distributable VAT revenue,” it said.

The communiqué said the N14.102 billion EMTL was shared among the three tiers of government.

“The Federal Government received N2.115 billion, the state governments received N7.051 billion and the LGCs received N4.936 billion.

“The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue.

“The state governments received N58.048 billion, and the LGCs received N44.752 billion.

“The sum of N12.027 billion (13 per cent of mineral revenue) and N0.296 billion (13 per cent of savings from NNPCL) went to the relevant states as derivation revenue,’’ it said.

It said that from the N177.092 billion augmentation, the Federal Government received N93.292 billion, the state governments received N47.319 billion and the LGCs received N36.481 billion.

“In the month of August, VAT, Import and Excise Duties and EMTL increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.

“The balance in the Excess Crude Account (ECA) was 473.75 million dollars.

The Federation Account Allocation Committee (FAAC) shared N714.629 billion to the three tiers of government in Abuja on Wednesday as federation allocation for the month of March.

This is contained in a communiqué issued at the end of the FAAC meeting for April.

Its spokesman, Mr Stephen Kilebi, stated that the money shared covered Gross Statutory Revenue of N497.448 billion; Value Added Tax (VAT) of N202.693 billion, and Electronic Money Transfer Levy (EMTL) of N14.488 billion.

Out of the money, the Federal Government received N276.141 billion; the 36 states of the federation received N232.129 billion, while the 774 the local government councils got N171.257 billion.

Oil-producing states got additional N35.102 billion as Derivation Fund (13 per cent of Mineral Revenue).

Kilebi stated that VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February.

He added that from the VAT collected, N8.707 billion was allocated to cost of collection and N7.386 paid on transfers, refunds and consultancy fees.

Kilebi stated also that of the balance of N202.693 billion, the Federal Government got N30.404 billion; states got N101.347 billion, while local councils got N70.943 billion.

He added that gross statutory revenue collected in March was N638.673 billion, an increase over the collection level in February.

He explained that of the revenue collected, N22.044 billion was paid as cost of collection and N119.181 billion paid on transfers, refunds and consultancy fees.

Kilebi added that of the balance of N497.448 billion, the Federal Government got N243.564 billion; states got N123.539 billion, while local councils got N95.243 billion.

Oil Derivation (13 per cent Mineral Revenue) got N35.102 billion.

Also, N15.092 billion from EMTL was distributed to the three tiers of government.

The Federal Government received N2.173 billion; states got N7.244 billion, while local councils got N5.071 billion.

Cost of collection was N0.604 billion, Kilebi stated.

He added that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, EMTL all increased remarkably in March, while VAT decreased considerably.

Kilebi stated also that the balance in the Excess Crude Account as at April 19 stood at 473,754.57 dollars.

The Federation Account Allocation Committee (FAAC), has shared N954.085 billion to the three tiers of government, as federation allocation for July.

This is according to a statement signed by Mr Phil Abiamuwe-Mowete, the Director (Information/Press) on Wednesday in Abuja.

From the amount, the Federal Government received N406.610 billion, the states received N281.342 billion, the Local Government Councils got N210.617 billion.

This was inclusive of Gross Statutory Revenue and Value Added Tax (VAT),

It said that the oil producing states received N55.515 billion as derivation (13 per cent of Mineral Revenue).

The statement indicated that the Gross Revenue available from the VAT for July was N177.167 billion which was a decrease distributed in the preceding month.

“The distribution is as follows; Federal Government got N26.575 billion, the States received N88.584 billion, Local Government Councils got N62.008 billion.

 “Accordingly,  the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month.

“From which the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13 per cent  Mineral Revenue) got N55.515 billion.”

The statement also said that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases.

According to the statement, Import Duty and VAT, however, decreased considerably.

It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918 billion.

The VAT was also N177.167 billion bringing the total distributable amount for the month to N954.085 billion.

However, the balance in the Excess Crude Account (ECA), as at Aug. 24 stands at 470,599.54 million dollars.