FAAC has distributed a total of N906.955 billion as revenue for October 2023 to the Federal Government, states, and local councils.
The distributable revenue includes N305.070 billion as statutory revenue, N323.446 billion as Value Added Tax (VAT) revenue, N15.552 billion as Electronic Money Transfer Levy (EMTL) revenue, N202.887 billion as Exchange Difference revenue, and N60.000 billion as augmentation. The total revenue available for October 2023 was N1,346.519 billion, with deductions for cost of collection amounting to N53.483 billion and a total of N386.081 billion in transfers, interventions, and refunds. From the distributable revenue, the Federal Government received N323.355 billion, State Governments received N307.717 billion, and Local Government Councils received N225.209 billion.
Additionally, N50.674 billion (13 percent of mineral revenue) was shared to the relevant states as derivation revenue. Various revenue types were distributed as follows: N147.574 billion to the Federal Government, N74.852 billion to the State Governments, and N57.707 billion to the Local Government Councils from distributable statutory revenue of N305.070 billion; N48.517 billion to the Federal Government, N161.723 billion to the State Governments, and N113.206 billion to the Local Government Councils from the distributable VAT revenue of N323.446 billion; N2.333 billion to the Federal Government, N7.776 billion to the State Governments, and N5.443 billion to the Local Government Councils from the N15.552 billion Electronic Money Transfer Levy (EMTL); N93.323 billion to the Federal Government, N47.334 billion to the State Governments, and N36.493 billion to the Local Government Councils from the N202.887 billion Exchange Difference revenue; and N31.608 billion to the Federal Government, N16.032 billion to the State Governments, and N12.360 billion to the
Local Government Councils from the N60.000 billion augmentation. In October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies, and Electronic Money Transfer Levy (EMTL) increased significantly, while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.