Federal Allocation: See What FG, States, LGs Shared In October

Federal Allocation: See What FG, States, LGs Shared In October

The Federation Account Allocation Committee (FAAC) has allocated N736.782 billion to the three tiers of government as federation allocation for the month of October 2022.

The funds include Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and Non-Oil Revenue Augmentation.

The Federal Government received N293.955 billion, the states received N239.512 billion, and the Local Government Councils received N177.086 billion, while the oil-producing states received N26.228 billion as Derivation (13 per cent Mineral Revenue).

According to a communiqué issued by the Federation Account Allocation Committee (FAAC), the Gross Revenue available from VAT for October 2022 was N213.283 billion, an increase over what was distributed the previous month.

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It also shows that the Federal Government received N31.992 billion, the states received N106.642 billion, and local governments received N74.649 billion.

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The N417.724 billion in Gross Statutory Revenue distributed was less than the sum received the previous month, from which the Federal Government received N206.576 billion, states received N104.778 billion, LGCs received N80.779 billion, and Oil Derivation (13 percent Mineral Revenue) received N25.591 billion.

According to the communiqué, N70 billion in augmentation was distributed to the three tiers of government, including the Federal Government (N36.876 billion), states (N18.704 billion), and LGCs (N14.420 billion).

In addition, an additional N30 billion in non-oil revenue was distributed, with N15.804 billion going to the Federal Government, N8.016 billion going to the states, and N6.180 billion going to LGCs.

According to the FAAC, N5.775 billion in Exchange Gain was distributed to the Federal Government (N2.707 billion), states (N1.373 billion), and LGCs (N1.058 billion), with Derivation (13 percent of Mineral Revenue) receiving N0.637 billion.

It also revealed that Oil and Gas Royalties, Petroleum Profit Tax (PPT), and Import Duty decreased significantly, while VAT, Companies Income Tax (CIT), and Excise Duty increased significantly.

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 Non-Oil Revenue of N100 billion, totaling N736.782 billion.

However, the Excess Crude Account (ECA) balance is said to be $472,513.64 as of November 23, 2022.

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