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SEPT 2022 FAAC: FG, States, LGAs to share N760.2b (READ SHARING FORMULA)

FAAC Releases Monthly (July) Allocations To FG, States, LGs - SEE SHARING FORMULAR
FAAC Releases Monthly (July) Allocations To FG, States, LGs - SEE SHARING FORMULAR
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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,

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The Federal Government received N294.244 billion, the States got N233.223 billion, while the Local Government Councils were given N172.776 billion.

The Oil producing states received additional N59.992 billion as derivation, (13% of Mineral Revenue).

The FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for September 2022 was N189.928 billion, which is a decrease distributed in the preceding month.

From the tax revenue, the Federal Government got N28.489 billion, the States received N94.964 billion, Local Government Councils got N66.475 billion.

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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.

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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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Written by Adesoji OMOSEBI

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