The Federation Account Allocation Committee (FAAC) has saved N289 billion into the non-oil account for the month of September 2023
The FAAC has been operating the account since June 2023 as a buffer against hard times. It is different from the Excess Crude Account (ECA).
This is contained in the statement at the end of the monthly FAAC meeting presided over by the Finance Minister.
According to the statement, N1.594 trillion accrued into the Federation Account for the month of September as revenue and from this amount, N903.480 billion was shared among the Federal and State Governments, and Local Government Councils.
The breakdown of the total distributable revenue reveals that N423.012 billion was attributed to distributable statutory revenue, N282.666 billion came from Value Added Tax (VAT) revenue, N10.989 billion was generated from the Electronic Money Transfer Levy (EMTL), and N186.813 billion was the revenue from Exchange rate Differentials.
According to the communique: “A total revenue of N1.594 trillion was available in September 2023. After deducting the cost of collection amounting to N54.426 billion, transfers and refunds of N347.857 billion, and savings of N289.000 billion, the remaining funds were distributed”.
Notably, the gross statutory revenue for September 2023 stood at N1.014 trillion, showing an increase of N123.019 billion from the previous month of August, which saw a revenue of N891.934 billion.
