The Federation Account Allocation Committee (FAAC) has distributed a total of N736.782 billion to the three tiers of government as federation allocation for the month of October 2022.
The funds are inclusive of Gross Statutory Revenue, Value
Added Tax (VAT), Exchange Gain and augmentation from Non-Oil Revenue.
Of the sum, the Federal Government received N293.955
billion, the states got N239.512 billion, and the Local Government Councils got
N177.086 billion, while the oil-producing states received N26.228 billion as
Derivation (13 per cent Mineral Revenue).
A communiqué issued by the Federation Account Allocation
Committee (FAAC) indicates that the Gross Revenue available from the VAT for
October 2022 was N213.283 billion, which is an increase compared to what was
distributed in the preceding month.
It also shows that the Federal Government got N31.992
billion, the states received N106.642 billion, Local Government Councils (LGCs)
got N74.649 billion.
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 the sum of N206.576 billion, states got N104.778
billion, LGCs got N80.779 billion, and Oil Derivation (13 per cent Mineral
Revenue) got N25.591 billion.
The communiqué stated that N70 billion augmentation was
distributed to the three tiers of government, including the Federal Government
(N36.876 billion), states (N18.704 billion), LGCs (N14.420 billion).
In addition, another extra N30 billion augmentation from
non-oil revenue was distributed with N15.804 billion allocated to the Federal
Government, N8.016 billion to the states, and N6.180 billion to LGCs.
According to the FAAC, N5.775 billion from Exchange Gain was
shared to the Federal Government (N2.707 billion), states (N1.373 billion), and
LGCs (N1.058 billion), while Derivation (13 per cent of Mineral Revenue) got
N0.637 billion.
It also revealed that Oil and Gas Royalties, Petroleum
Profit Tax (PPT) and Import Duty recorded considerable decreases, while VAT,
and Companies Income Tax (CIT) increased significantly, and Excise Duty
increased marginally.
The total revenue distributable for the current month of
October was reportedly drawn from Statutory Revenue of N417.724 billion, VAT of
N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion
augmentation from Non-Oil Revenue, bringing the total distributable for the
month to N736.782 billion.
However, the balance in the Excess Crude Account (ECA) as of
November 23, 2022 is said to stand at $472,513.64.