The federation account allocation committee (FAAC) says it shared N700.235 billion among the three tiers of government in September 2022. The figure represents an increase of N27.098 billion compared to
The federation account allocation committee says it shared N700.235 billion among the three tiers of government in September 2022.
The figure represents an increase of N27.098 billion compared to August’s allocation of N673.137 billion. The committee disclosed this in a communiqué issued on Wednesday at the end of its October meeting in Abuja. A breakdown of the N700.235 billion for the month of September, shows that N502.135 billion was for statutory revenue, N189.928 billion for value-added tax , and N8.172 billion for electronic money transfer levy .According to the communiqué, the federal government received N262.636 billion, the states received N217.191 billion, and local governments received N160.416 billion.FAAC further said the gross revenue available from the value-added tax was N189.928 billion.
On the gross statutory revenue of N502.135 billion distributed, the federal government was given N232.921 billion, while the states and local governments got N118.141 billion and N91.081 billion, respectively.It said while petroleum profit tax and excise duty marginally increased, value-added tax , import duty, and companies income tax , decreased considerably.Th committee added that the balance in the excess crude account , as at October 26, 2022, stands at $472,513.64.