The Federation Account Allocation Committee (FAAC) has announced the sharing of N1.1 trillion among the three tiers of government for August 2023. This information was disclosed in a communiqué issued at the conclusion of FAAC’s latest meeting, as reported by the Director, Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mowa, on Friday.
The total amount shared in September represents a significant increase of N133.99 billion compared to the N966.11 billion shared in July 2023, marking the highest allocation of the year so far. This increase is attributed to foreign exchange gains that bolstered the government’s income.
The breakdown of the N1.1 trillion total distributable revenue is as follows:
– Distributable statutory revenue: N357.4 billion
– Distributable Value Added Tax (VAT) revenue: N321.94 billion
– Electronic Money Transfer Levy revenue: N14.10 billion
– Exchange Difference revenue: N229.57 billion
– Augmentation: N177.09 billion
Of this total, the Federal Government received N431.25 billion, state governments received N361.19 billion, and local government councils received N266.54 billion.
The communiqué also revealed that the total revenue available for August was N1.48 trillion, which is a 14% decrease from the N1.74 trillion recorded in the previous month.
Further details included:
– Total deductions for cost of collection: N58.76 billion
– Total transfers and refunds: N254.05 billion
– Savings: N71 billion
– Balance in the Excess Crude Account: $473,754.57
The communiqué explained, “Gross statutory revenue of N891.934 billion was received for the month of August 2023. This was lower than the N1,150.424 billion received in the month of July 2023 by N258.490 billion. The gross revenue available from the Value Added Tax was N345.727 billion. This was higher than the N298.789 billion available in the month of July 2023 by N46.938 billion.”
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