The Federation Account Allocation Committee (FAAC) has reported a total revenue of N1.594,763 trillion for September 2023…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
This marks the second occasion of increased revenue collection by the government since the removal of the fuel subsidy in May.
FAAC, in a statement, confirmed that it has authorized the disbursement of a total of N903.480 billion to the federal government, states, and local government areas from the available revenue.
In addition to revenue from oil sales, the federal government also received N186.813 billion from exchange rate differences.
The communique issued by FAAC during its October 2023 meeting outlined the breakdown of the N903.480 billion total distributable revenue.
This includes N423.012 billion in distributable statutory revenue, N282.666 billion in distributable Value Added Tax (VAT) revenue, and N10.989 billion in electronic money transfer levy revenue.
The communique further stated that the total deductions for cost of collection amounted to N54.426 billion, while total transfers and refunds reached N347.857 billion. Additionally, savings of N289.000 billion were reported.
The Excess Crude Account (ECA) currently holds a balance of $473,754.57.
For the month of September 2023, there was a gross statutory revenue of N1,014,953 billion, marking an increase of N123.019 billion compared to the N891.934 billion received in August 2023.
