September Revenue Rises by N27.098bn as FG, States, LGs Share N700.235bn. Excess Crude Account balance now $472,513.
The Federation Account Allocation Committee (FAAC), Wednesday shared a total sum of N700.235 billion to the three tiers of government, as federation allocation for the month of September 2022.
The shared amount was N27.098 billion higher than the sum of N673.137 billion allocated in the preceding month of August.
In a communique issued by the FAAC at the end of its meeting in Abuja, the Director (Information/Press), Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete said the N700.235 billion comprised Gross Statutory Revenue, Value Added Tax (VAT), and Electonic Money Transfer Levy (EMTL) of N502.135 billion, N189.928 billion and N8.172 billion respectively.
The federal government’s share of the amount was N262.636 billion, States received N217.191 billion, the local government councils got N160.416 billion, while the oil producing states received N59.992 billion as 13 per cent Mineral Revenue under the Derivation Principle.
Gross Revenue available from the VAT for September was N189.928 billion, representing a decrease when compared with the preceding month.
The statement read: “Accordingly, 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 N118.141billion, LGCs got N91.081billion, and Oil Derivation (13% Mineral Revenue) got N59.992 billion.
“Also, N8.172 billion of Electronic Money Transfer Levy (EMTL) distributable revenue was shared to the three (3) tiers of government as follows; the federal government received N1.226 billion, States got N4.086 billion, local government councils received N2.860 billion.”
The statement revealed that the N189.928 billion VAT revenue for the month of September was shared with the federal government getting N28.489 billion, states received N94.964 billion, while local government councils got N66.475 billion.
“Oil and gas royalties increased tremendously, while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases.
“However, Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably,” the statement said.
However, the balance in the Excess Crude Account (ECA), as at October 26, 2022 stood at $472,513.64.