In August 2023, the Federation Account Allocation Committee (FAAC) disbursed a grand total of N1.1 trillion in Federation Account Revenue to various tiers of government, as reported by the Office of the Accountant General of the Federation on a Friday.
The FAAC convened its September 2023 meeting and released a communique, revealing the distribution of a total revenue sum of N1100.101 billion.
This allocation was composed of several revenue streams, which were outlined in a statement by the Director of Press and Public Relations at the OAGF, Bawa Mokwa.
These funds encompassed N357.398 billion in distributable statutory revenue, N321.941 billion in distributable Value Added Tax (VAT) revenue, N14.102 billion from the Electronic Money Transfer Levy (EMTL), N229.568 billion from Exchange Difference revenue, and an augmentation of N177.092 billion.
Total revenue generated
The communique also disclosed that the total revenue generated in August 2023 amounted to N1.48 trillion. From this figure, N58.755 billion was deducted for the cost of collection, N254.046 billion were allocated to transfers and refunds, and N71.000 billion was saved for future needs, as mentioned in the statement.
For oil-producing states, a total of N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL), were distributed to the relevant states.
Revenue distributed to states
- The various levels of government shared funds generated from the Electronic Money Transfer Levy (EMTL) as follows- “The Federal Government received N2.115 billion, the State Governments received N7.051 billion and the Local Government Councils received N4.936 billion.”
- It stated further, “The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue. The State Governments received N58.048 billion, and the Local Government Councils received N44.752 billion.
- “The sum of N12.027 billion (13% of mineral revenue) and N0.296 billion (13 % of savings from NNPCL) went to the relevant States as derivation revenue.”
Funds from VAT, EMTL
It further added that funds from Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Import and Export Duties increased significantly while there was a decline in revenue from Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties
The Excess Crude Account stood at $473,754.57
