The Federation Account Allocation Committee (FAAC) is to share the sum of N760.285billion for the Federal Government, States and Local Governments for the month of September 2022.
The figure consisted of Statutory Revenue, Value Added Tax (VAT), Savings from Non-Oil Revenue and Electronic Money Transfer Levy (EMTL), according to the statement issued by the Director Information/Press of the Ministry of Finance, Budget and National Planning, Mrs. Phil Abiamuwe-Mowete, in Abuja, yesterday,
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.
In addition, 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 sum of N60 billion savings from Non-Oil Revenue which was converted to distributed revenue was shared as follows; Federal Government received N31.608 billion, States got N16.032 billion and Local Government Councils received N12.360 billion.
Oil and Gas Royalties were said to have 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 balance in the Excess Crude Account (ECA), as at, yesterday was put at $472,513.64.
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