The Federation Account Allocation Committee (FAAC) distributed N736.782 billion to the three tiers of government as the Federation Allocation for October.
Mr. Phil Abiamuwe-Mowete, Director (Information/Press), issued a statement on behalf of the Ministry of Finance, Budget, and National Planning on Wednesday. The N736.782 billion also includes gross statutory revenue, value added tax (VAT), exchange gain, and augmentation from non-oil revenue in addition to oil revenue.
The federal government received N293.955 billion, the states received N239.512 billion, and the LGCs received N177.086 billion.
However, the states that produce oil were deducted by N26.228 billion (13 per cent of mineral revenue). According to the communiqué, the amount disbursed in the previous month was less than the Gross Revenue from VAT available for October, which was N213.283 billion.
“The distribution is as follows; Federal Government got N31.992 billion, the states received N106.642 billion, and Local Government Councils got N74.649 billion.
“The Gross Statutory Revenue of N417.724 billion distributed is 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, LGCs got N80.779 billion, and oil derivation (13 per cent mineral revenue) got N25.591 billion.
“Also, N70 billion Augmentation was distributed to the three tiers of government as follows; the Federal Government received N36.876 billion, states got N18.704 billion, and Local Government Councils received N14.420 billion.
“In addition, another extra N30 billion Augmentation from non-oil revenue was distributed as follows, Federal Government received N15.804 billion, and the states got N8.016 billion, while the Local Government Councils received N6.180 billion.”
It was also noted that the sum of N5.775 billion from Exchange Gain was shared. Out of the N5.775 billion, the Federal Government received N2.707 billion, and the states got N1.373 billion. READ: Federal Allocation: FG, States, LGCs Shared ₦604bn
Additionally, the LGCs earned N1.058 billion, while Derivation received N0.637 billion (13% of mineral revenue). Additionally, it stated that import duty, petroleum profit tax (PPT), and oil and gas royalties all saw significant drops.
While Excise Duty increased only slightly, VAT and Companies Income Tax (CIT) both climbed dramatically. According to the communiqué, the entire money that could be distributed for October came from statutory revenue of N417.724 billion, VAT of N213.283 billion, and exchange gain of N5.775 billion.
Additionally, it was funded with N100 billion in non-oil income augmentation. The total distributable funds for the month increased to N736.782 billion as a result. However, as of Nov. 23, the Excess Crude Account (ECA) balance was $472,513.64. For October, FG, States, and LGCs shared N736.782 billion.
