The Federation Account Allocation Committee (FAAC) has announced the allocation of N906.955 billion in federation account revenue to the federal government, states, and local government areas.
This disbursement, outlined in a communique from the FAAC’s November 2023 meeting, included N305.070 billion in distributable statutory revenue, N323.446 billion in distributable Value Added Tax (VAT) revenue, N15.552 billion in electronic money transfer levy revenue, N202.887 billion in Exchange Difference revenue, and an augmentation of N60.000 billion.
Director of Information in the Office of the Accountant-General of the Federation, Bawa Mokwa, stated that the total revenue for October 2023 was N1,346.519 billion.
Deductions for the cost of collection amounted to N53.483 billion, with N386.081 billion allocated for transfers, interventions, and refunds.
Gross statutory revenue for October 2023 stood at N660.090 billion, showing a decrease from the N1,014.953 billion received in September 2023 by N354.863 billion. Meanwhile, the gross revenue from VAT rose to N347.343 billion, up by N43.793 billion compared to September 2023.
From the total distributable revenue of N906.955 billion, the federal government received N323.355 billion, state governments received N307.717 billion, and local government areas received N225.209 billion. Additionally, N50.674 billion (13 percent of mineral revenue) was shared among relevant states as derivation revenue.
