The Federation Account Allocation Committee (FAAC) has shared N2.428 trillion among the Federal Government, 36 state governments and 774 local government councils as revenue for the month of September.
According to a communiqué issued at the end of the committee’s meeting in Abuja, the amount was higher than the N2.338 trillion shared in the preceding month.
The total distributable revenue comprised N1.672 trillion in statutory revenue and N756.587 billion from VAT.
The committee disclosed that gross revenue for September stood at N3.913 trillion, out of which N131.758 billion was deducted as the cost of collection, while N1.352 trillion went to transfers, refunds and savings.
The communiqué stated that gross statutory revenue of N3.096 trillion was recorded in September, an increase of N246.384 billion over the N2.850 trillion recorded in August.
However, gross VAT revenue fell to N816.872 billion in September from N834.843 billion in August, representing a decline of N17.972 billion.
Of the N2.428 trillion total distributable revenue, the Federal Government received N832.242 billion, while state governments received N799.872 billion.
Local government councils received N560.660 billion, while N236.049 billion was shared among benefiting states as 13 per cent derivation revenue from mineral resources.
A breakdown of the N1.672 trillion distributable statutory revenue showed that the Federal Government received N756.583 billion, state governments got N383.749 billion, and local government councils received N295.855 billion.
The benefiting states also received N236.049 billion as derivation revenue.
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From the N756.587 billion distributable VAT revenue, the Federal Government received N75.659 billion, state governments got N416.123 billion, while local government councils received N264.805 billion.
FAAC said revenue from Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty increased significantly during the period.
However, receipts from Companies Income Tax, Capital Gains Tax, Stamp Duties, VAT, mineral royalties, gas-flaring penalties and fees, and miscellaneous oil revenue declined.
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