Three Tiers of Government Share N903.4B Revenue for September 2023 Allocation

The three tiers of government have shared revenue totaling N903.48 billion from the federation account as their allocation for the month of September 2023.

The revenue was shared from distributable revenue such as Statutory Revenue (N423.01 billion), Value Added Tax (N282.2 billion), Electronic Money Transfer (N10.98 billion) and N186.8 billion from the Foreign Exchange Differential.

The revenue was shared between federal, states and local government chairmen at the monthly meeting of the federation account allocation committee on Tuesday in Abuja.

Federal government was allocated N320.5 billion, 36 state governments (N287.07 billion) and N210.9 billion by the 774 local governments.

Also, N84.9 billion was shared as 13 per cent derivation, mostly by oil producing states, while revenue collecting agencies got N54.42 billion.

Other deductions included transfer and refund (N347.81 billion), as well as N289 billion into savings.

The comminique also disclosed that the sum of N54.426 billion was given to cost of collection, N347,857 billion allocated to Transfers and Refunds, while the sum of N289.000 billion was transfered to Non Oil Revenue (Savings) for the month of September 2023.

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The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for September 2023, was N303.550 billion, which was a decrease from the N345.727 billion distributed in the preceding month, resulting in a decrease of N42.177 billion.

From that amount, the sum of N12.142 billion was allocated for Costs of Collection and the sum of N8.742 billion given for Transfers and Refunds. The remaining sum of N282.666 billion was distributed  to the three tiers of government of which the Federal Government got N42.400 billion, the States received N141.333 billion, Local Government Councils got N98.933 billion.

Accordingly, the Gross Statutory Revenue of N1014.953 billion  received for the month  was higher than the sum of N891.934 billion received in the previous month of August, 2023 by N123.019 billion. From that amount, the sum of N41.826 billion was allocated to Costs of Collection, a total sum of N339.115 billion for Transfers and Refunds and the sum of N211.000 was transferred to Non Oil Revenue (Savings).

The remaining  balance of  N423.012 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N190.849 billion, States got N96.801 billion, LGCs got N74.629 billion, and Oil Derivation (13% Mineral Revenue) got N60.733 billion.

Also, the sum of N11.447 billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N1.648 billion, States got N5.495 billion, Local Government Councils received N3.846 billion and N0.458 billion was allocated to Costs of Collection.

The balance in the excess crude account is $473.75 billion.