FG, States And LGs Share N760bn September Allocation

The federal, states and local governments have shared N760bn allocation for the month of September.

The Federation Account Allocation Committee (FAAC) disclosed this on Thursday in a communiqué issued after its meeting for October 2022.

A breakdown of the N760.235 billion for the month of September shows that N502.135 billion was for statutory revenue, N189.928 billion for value-added tax (VAT), and N8.172 billion for electronic money transfer levy (EMTL).

According to the communiqué, the federal government received N294.244 billion, the states received N233.223 billion, and local governments received N172.776 billion.

For the month in review, oil-producing states also received N59.992 billion as derivation, (13 percent of mineral revenue).

FAAC further said the gross revenue available from the value-added tax was N189.928 billion.

From the figure, the federal government received N28.489 billion, the states received N94.964  billion and local governments got N66.475 billion.

On the gross statutory revenue of N502.135 billion distributed, the federal government was given N232.921 billion, while the states and local governments got N118.141 billion and N91.081 billion, respectively.

Meanwhile, FAAC disclosed that oil and gas royalties increased tremendously.

It said while petroleum profit tax (PPT) and excise duty marginally increased, value-added tax (VAT), import duty, and companies income tax (CIT), decreased considerably.

The committee added that the balance in the excess crude account (ECA), as at October 26, 2022, stands at $472,513.64.