FAAC Records N1.594trn In September, Disburses N903bn To 3 Tiers Of Govt

The Federation Account Allocation Committee (FAAC) has announced a N1,594,763 trillion revenue from September 2023. This the second time the government is

FAAC said in a statement that it approved a total sum of N903.480 billion from the available revenue for disbursement to federal government, states and local government areas. Apart from oil sales, the federal government received N186.813 billion revenue from exchange difference.

According to the communique, total deductions for cost of collection was N54.426 billion, total transfers and refunds was N347.857 billion and savings was N289.000 billion.Gross statutory revenue of N 1,014,953 billion was received for the month of September 2023. This was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion.The gross revenue available from the Value Added Tax was N303.

The federal government received N42.400 billion, the State Governments received N141.333 billion and the local government areas received N98.933 billion from the N282.666 billion distributable VAT revenue.

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