The Federation Account Allocation Committee says it shared N903.48bn among the three tiers of government for September 2023.
FAAC disclosed this in a communiqué issued at the end of its latest meeting, according to different statements by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mowa, and the Director (Press and Public Relations) of the Ministry of Finance, Stephen Kilebi, on Tuesday.
The total figure shared for September showed a decrease of N196.62bn compared to the N1.1tn shared in August 2023, and this was the first time it decreased since May revenue.
The meeting was chaired by the Minister of Finance and Co-Ordinating Minister of the Economy, Wale Edun.
The statement from the ministry read in part, “From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy and Exchange Difference, the Federal Government received N320.54bn, the states received N287.07bn, the Local Government Councils got N210.9bn, while the oil producing states received N84.97bn as derivation, (13 per cent of mineral revenue).”
The statement from the OAGF read, “A communique issued by the FAAC at its October, 2023 meeting indicated that the N903.48bn total distributable revenue comprised distributable statutory revenue of N423.01bn, distributable Value Added Tax revenue of N 282.67bn, Electronic Money Transfer Levy revenue of N10.99bn and Exchange Difference revenue of N 186.81bn.”
It was also disclosed that there was a total revenue of N1.59tn available in September 2023.
However, about N54.43bn was given to the cost of collection, N347.86bn was allocated to Transfers and Refunds, while the sum of N289bn was transferred to Non-Oil Revenue (Savings) for the month of September 2023.
The statement further read, “Gross statutory revenue of N 1014.95bn was received for the month of September 2023. This was higher than the N891.934bn received in the month of August 2023 by N123.019bn.”