In October 2023, the Federation Account Allocation Committee distributed 906.96 billion in income to the three levels of government: federal, state, and local.
This was revealed in a communiqué sent on Wednesday by Stephen Kilebi, the Ministry of Finance’s Director of Press and Public Relations.
The N906.955 in revenue is a portion of the N1.35 trillion in income generated by the federation in October, as stated in the communiqué.
After declining the previous month, the total amount shared for October 2023 shows a gain of N3.48 billion as compared to the N903.48 billion provided in September 2023.
Statutory revenue of N305.070 billion, VAT of N323.446 billion, EMTL of N15.552 billion, Exchange Difference of N202.887 billion, and Augmentation of N202.887 billion comprised the total revenue distributable for October 2023.
October 2023’s total revenue distributable was N906.955 billion after accounting for Statutory Revenue of N305.070 billion, VAT of N323.446 billion, EMTL of N15.552 billion, Exchange Difference of N202.887 billion, and Augmentation of N60.000 billion.
As a result, the Oil Producing States earned N50.674 billion as Derivation (13 percent of Mineral Revenue), the Federal Government received N323.355 billion, the States received N307.717 billion, and the Local Government Councils received N225.209 billion.
At the conclusion of the meeting, the Federation Account Allocation Committee reported that the Gross Revenue available from the Value Added Tax for October 2023 was N347.343 billion, up from the N303.550 billion disbursed in the previous month to N43.793 billion.
N10.894 billion of such sum was set aside for collection costs, while N10.003 billion was paid for transfers, interventions, and refunds. The three levels of government received N323.446 billion, of which N48.517 billion went to the federal government, N161.723 billion to the states, and N113.206 billion to local government councils.
As a result, the N660.090 billion in gross statutory revenue collected during the month was N354.863 billion less than the N1,014.953 trillion received in September 2023. From that amount, N38.942 billion was set aside for collection costs, while N316.078 billion was set aside for transfers, interventions, and refunds.
The remaining N305.070 billion was “distributed as follows to the three tiers of government: N147.574 billion went to the federal government, N74.852 billion went to the states, N57.707 billion went to LGCs, and N24.937 billion went to oil derivation (13 percent Mineral Revenue).”
