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In September, FG, states, and LGs each received N760 billion.

For the month of September, a total of N760 billion has been allocated to the national, state, and municipal administrations.

 

This was announced on October 27 by the Federation Account Allocation Committee (FAAC) in a statement after its meeting for the month of October 2022.

 

When the N760.235 billion for September is broken down, it is seen that N502.135 billion was used for statutory revenue, N189.928 billion was used for value-added tax, and N8.172 billion was used for the electronic money transfer levy (EMTL).

 

The communiqué adds that local governments got N172.776 billion, the states N233.223 billion, and the federal government N294.244 billion. Oil-producing states additionally earned N59.992 billion as a derivation for the month under consideration (13 percent of mineral revenue).

 

FAAC said that the value-added tax has a gross revenue potential of N189.928 billion. According to the numbers, the local governments received N66.475 billion, the states N94.964 billion, and the federal government N28.489 billion.

 

The federal government received N232.921 billion from the gross statutory income of N502.135 billion allocated, while the states and local governments received N118.141 billion and N91.081 billion, respectively.

 

In the meanwhile, FAAC revealed that oil and gas royalties had rose.

 

According to the report, although value-added tax (VAT), import duty, and corporate income tax (CIT) all saw significant decreases, petroleum profit tax (PPT) and excise duty only slightly rose.

 

The committee further said that $472,513.64 was the amount in the excess crude account (ECA) as of October 26, 2022.

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