The Federation Account Allocation Committee (FAAC) says it has shared N903.48 billion distributable revenue in September to the federal government, states and local government councils.
A communique issued by the FAAC at its October, 2023 meeting indicated that Gross statutory revenue of N 1014.953 billion was received for the month of September 2023.
This was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion.
From the distributable revenue, the Federal Government received a total of N320.543 billion, the State Governments received N287.071 billion and the Local Government Councils received N210.900 billion
The N903.480 billion distributable revenue comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N 282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion.
According to the communique, total revenue of N1594.763 billion was available in the month of September 2023.
Total deductions for cost of collection was N54.426 billion, total transfers and refunds was N347.857 billion and savings was N289.000 billion.
The gross revenue available from the Value Added Tax (VAT) was N303.550 billion.
This was lower than the N345.727 billion available in the month of August 2023 by N42.177 billion.