The Federation Account Allocation Committee (FAAC), has shared the sum of N736.782 billion to the three tiers of government for the month of October, 2022.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from Non Oil Revenue, the Federal Government received N293.955 billion, the States received N239.512 billion, the Local Government Councils got N177.086 billion, while the Oil producing states received N26.228 billion as derivation, (13% of Mineral Revenue).
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October 2022 was N213.283 billion which is an increase over the amounted distributed in the preceding month.
A breakdown showed that the federal government got N31.992 billion, the States received N106.642 billion while the local governments got N74.649 billion.
Accordingly, the gross statutory revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the federal government was allocated the sum of N206.576 billion, States got N104.778 billion, local governments got N80.779 billion, and 13 per cent derivation to oil producing states was N25.591 billion.
Also, N70 billion Augmentation was distributed to the three tiers of government with the federal government receiving N36.876 billion, States got N18.704 billion, and Local Government Councils got N14.420 billion.
In addition, another N30 billion Augmentation from Non Oil Revenue was distributed, as the federal government received N15.804 billion, the States got N8.016 billion, while the Local Government Councils received N6.180 billion.
The Communiqué further disclosed that, the sum of N5.775 billion from Exchange Gain was shared as the federal government received N2.707 billion, States got N1.373 billion, Local Government Councils received N1.058 billion and 13 per cent derivation was N0.637 billion.
It also revealed that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases, while Value Added Tax (VAT), and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.
According to the Communiqué, the total revenue distributable for the current month of October was drawn from Statutory Revenue of N417.724 billion, Value Added Tax (VAT) of N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion Augmentation from Non Oil Revenue, bringing the total distributable for the month to N736.782 billion.
However, the balance in the Excess Crude Account (ECA) as at 23rd November, 2022 stood at $472,513.64.
