The Federation Account Allocation Committee, says it has distributed the sum of N760bn allocation for September to federal, state, and local governments.
FAAC disclosed this on Thursday in a communiqué issued after its meeting for October 2022.
According to the breakdown of the N760.235 billion for September, N502.135 billion was for statutory revenue, N189.928 billion was for value-added tax (VAT), and N8.172 billion was for electronic money transfer levy (EMTL).
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The communiqué stated that the federal government received N294.244 billion, the states, N233.223 billion, and local governments received N172.776 billion.
Also, oil-producing states received N59.992 billion as derivation, (13 percent of mineral revenue).
FAAC further said the gross revenue available from the value-added tax was N189.928 billion.
The federal government received N28.489 billion, the states received N94.964 billion and local governments got N66.475 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.
FAAC equally announced that oil and gas royalties increased tremendously.
It said both petroleum profit tax (PPT) and excise duty marginally, value-added tax (VAT), import duty, and companies income tax (CIT), decreased greatly.
Meanwhile, the committee revealed that the balance in the Excess Crude Account (ECA), as of October 26, 2022, was $472,513.64.
