FAAC to share NOK 906 billion between federal, state and local governments in October

The three tiers of government – federal, state and local governments – received 906.96 billion as revenue from the Federal Accounts Allocation Committee in October 2023.

The Director-General of the Ministry of Finance’s Press and Public Relations Department, Mr Stephen Kirebi, disclosed this in a communiqué on Wednesday.

According to the communiqué, the N906.955 revenue is part of the total N1.35 trillion revenue generated by the federation in October.

The total share in October increased by N3.48 billion compared to the share in September 2023 of N903.48 billion, recovering from the decline recorded in the previous month.

The total revenue available for distribution in October 2023 is extracted from statutory revenue of 305.07 billion Naira, VAT of 323.446 billion Naira, EMTL of 15.552 billion Naira, exchange difference of 202.887 billion Naira, and increase of 60.0 billion Naira. , the total amount available for distribution for the month was 906,955 million naira.

Accordingly, the Federal Government received 323,355 million Naira, each state received 307,717 million Naira, local government councils received 225,290 million Naira, and oil producing countries received 50,674 million Naira as derivatives (13 percent).

“The Federation Fiscal Allocation Committee at the end of the meeting stated that the total revenue generated from value added tax for October 2023 was N347.343 billion, an increase from N303.55 billion allocated in the previous month to N43.7 billion. 93 million Norwegian.

“Of this, N10,894 million was allocated for recovery costs and N10,030 million for relocation, intervention and refund. The remaining N323,446 million was distributed among three tiers of government, of which the Federal Government received N48.517 billion, states received N161.723 billion and local government councils N113.26 billion.

“Accordingly, the total statutory revenue received in the same month was NGN 660.09 billion, which was NGN 354.863 billion lower than the total NGN 1.14 trillion received in the previous month of September 2023. Of this amount; N38,942 million was allocated for recovery costs and a total of N316,078 million for relocation, intervention and refunds.

“The remaining N305.07 billion was distributed among the three tiers of government as follows: N147.574 billion to the federal government, N74.852 billion to states and N57.77 billion to local governments. 10,000,000 naira, a total of 13% was allocated for oil exploration (mineral revenue) earned N24,937 million.

Source: dailypost.ng

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