FAAC shares N736.782bn to FG, states, LGAs

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The Federation Account Allocation Committee (FAAC) at its meeting shared a total of N736.782bn to the three tiers of government as the allocation for the month of October, 2022.

The ministry of finance, budget and national planning said in a statement that the amount shared was inclusive of gross statutory revenue, value added tax, exchange gain and augmentation from non-oil revenue.

The federal government received N293.955 billion; the 36 states got N239.512 billion, local government councils got N177.086 billion and the oil-producing states, N26.228 billion for 13 per cent derivation.

The communiqué issued by the FAAC at the end of the meeting indicated that the gross revenue available from VAT for October 2022 was N213.283 billion, which was an increase distributed in the preceding month.

While the federal government got N31.992 billion from it, states received N106.642 billion, while local government councils went with N74.649 billion.

But the gross statutory revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the federal government was allocated N206.576 billion; states, N104.778 billion; local councils, N80.779 billion; and oil-producing states, N25.591 billion.

Besides, N70 billion augmentation was distributed to the three tiers of government with the federal government receiving N36.876 billion; states got N18.704 billion; and local government councils, N14.420 billion.

An extra N30bn augmentation from non- oil revenue was also distributed.

The federal government got N15.804 billion; states, N8.016 billion; and local governments, N6.180 billion.

Furthermore, N5.775bn from exchange gain was shared by the three tiers of government.

The federal government received N2.707 billion; states, N1.373 billion; and local councils, N1.058 billion. 

Conversely, the oil-producing states got N637 million.

The communiqué stated that oil and gas royalties, petroleum profit tax and import duty recorded considerable decreases, while VAT and companies income tax increased significantly.

However, the excise duty increased marginally.

The communiqué further disclosed that the total revenue distributable for the month of October was drawn from statutory revenue of N417.724 billion; VAT, N213.283 billion; exchange gain, N5.775 billion; and N100 billion for augmentation from non-oil revenue, bringing the total distributable for the month to N736.782 billion.

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