• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

FAAC shares N760.2 billion to FG, States, LGAs in September

William Ukpe by William Ukpe
October 28, 2022
in Business News
FAAC shares N760.2 billion to FG, States in September
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Government disclosed that the Federation Account Allocation Committee (FAAC) allocated the sum of N760.235 billion to the Federal Government, states and local governments in September. 

This was disclosed in a statement by the Federation Account Allocation Committee (FAAC) on Thursday. 

Nairametrics gathered that oil-producing states received N59.992 billion as 13% derivation. 

RelatedStories

FG, States and LGAs share N1.35 trillion as FAAC allocation in June

FAAC shares N1.681 trillion April 2025 revenue to FG, States, LGs 

May 16, 2025
FEC approves new connectivity and AI initiatives to drive digital transformation in Nigeria 

FAAC: FG, States, LGAs share N1.578tn March 2025 revenue as allocation falls for third straight month  

April 15, 2025

What they said: 

The committee said N760.235 billion was released to the three tiers of government as federation allocation for September. 

The FAAC noted that the federal government received N294.244 billion, the states received N233.223 billion, and the LGCs received N172.776 billion. Oil-producing states received an extra N59.992 billion. 

Meanwhile, the gross revenue available from Value Added Tax (VAT) for September was N189.928 billion, as N60 billion in savings were from non-oil revenue and Electronic Money Transfer Levy (EMTL). 

  •  “The distribution is as follows; the Federal Government got N28.489 billion, the states received N94.964 billion, and Local Government Councils got N66.475 billion.”

They noted that the Gross Statutory Revenue of N502.135 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921 billion. 

  • “States got N118.141 billion, LGCs got N91.081billion, and oil derivation (13 per cent mineral revenue) got N59.992 billion. Also, N8.172 billion of EMTL distributable revenue was shared to the three tiers of government as follows; the Federal Government received N1.226 billion, States got N4.086 billion, LGCs received N2.860 billion.” 

The sum was distributed accordingly as follows: Federal government received N31.608 billion, states got N16.032 billion and LGCs received N12.360 billion. 

They added that Oil and Gas Royalties also increased as Petroleum Profit Tax (PPT) and Excise Duty recorded a marginal increase. However, ”VAT, Import Duty and Companies Income Tax (CIT) decreased considerably”.

Meanwhile, the total revenue distributable for September was drawn from Statutory Revenue of N502.135 billion and VAT of N189.928 billion. 

They said, the total revenue distributable for September was also drawn from EMTL of N8.172 billion and Non-Oil Excess Revenue of N60 billion savings, which was converted to distributable revenue, which brought the total distributable for the month to N760.235 billion. 

In case you missed it 

The thirty-six states of the federation, including the federal capital territory, recorded a cumulative internally generated revenue (IGR) of N1.89 trillion in 2021, an increase of 21.5% compared to N1.56 trillion recorded in the previous year. 

Lagos State, a major metropolitan city and the economic hub of the country generated a sum of N753.46 billion as internally generated revenue in 2021, accounting for 39.7% of the total inflows recorded by the 36 states and the FCT.  

The Federation Account Allocation Committee (FAAC) shared a total sum of N673.137 billion in August 2022 from the Federation Account Revenue to the federal government, states and local government councils. 


Follow us for Breaking News and Market Intelligence.
Tags: FAACSeptember FAAC Allocation
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

FG, States and LGAs share N1.35 trillion as FAAC allocation in June
Economy

FAAC shares N1.681 trillion April 2025 revenue to FG, States, LGs 

May 16, 2025
FEC approves new connectivity and AI initiatives to drive digital transformation in Nigeria 
Economy

FAAC: FG, States, LGAs share N1.578tn March 2025 revenue as allocation falls for third straight month  

April 15, 2025
FG, States and LGAs share N1.35 trillion as FAAC allocation in June
Economy

FAAC: FG, States, LGs share lower February revenue of N1.678 trillion 

March 22, 2025
Ibok Ete Ibas confirms FAAC release for Rivers, promises prompt salary payments, others  
Business News

Ibok Ete Ibas confirms FAAC release for Rivers, promises prompt salary payments, others  

March 21, 2025
FEC Orders Immediate Investigation into Ibadan Explosion 
Economy

FAAC disburses N15.26 trillion to FG, states, and LGAs in 2024 – NEITI report

March 19, 2025
FG, States and LGAs share N1.35 trillion as FAAC allocation in June
Economy

FAAC: FG, States, LGCs share N1.703 trillion January 2025 revenue 

February 27, 2025
Next Post
Latest $3.3 billion IMF loan, Eurobond sales may strengthen Nigeria’s exchange rate by year end

Forex scarcity forces manufacturers to get creative 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Kuda processes N14.3 trillion in transactions in Q1 2025 
  • How to invest in Nigerian commercial papers: A beginner’s wealth guide
  • House of Reps approves N774.77 billion NIMASA budget proposal 

Follow us on social media:

Recent News

Kuda processes N14.3 trillion in transactions in Q1 2025 

Kuda processes N14.3 trillion in transactions in Q1 2025 

July 8, 2025
Why young Nigerians must consider investing in local and foreign stock markets

How to invest in Nigerian commercial papers: A beginner’s wealth guide

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics