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Tag: FAAC

  • How FG, States, LGs shared N1.703 trillion January FAAC allocation

    How FG, States, LGs shared N1.703 trillion January FAAC allocation

    The Federation Accounts Allocation Committee (FAAC) has shared the sum of N 1.703 trillion revenue among

    the Federal Government, states and the Local Government Councils (LGCs) for January.

    This is according to a communiqué made available to newsmen at the end of FAAC meeting by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF) on Thursday in Abuja.

    According to the communiqué, the N1.703 trillion total revenue comprised statutory revenue of N749.727 billion, Value Added Tax (VAT) revenue of N718.781 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion and Augmentation of N214 billion.

    It said that the total gross revenue of N2.641 trillion was available in the month of January.

    “Total deduction for cost of collection was N107.786 billion while total transfers, interventions, refunds and savings was N830.663 billion,” it said.

    It said that gross statutory revenue of N1.848 trillion was received for the month of January.

    “This was higher than the sum of N1.226 trillion received in December, 2024 by N622.125 billion.

    “Gross revenue of N771.886 billion was available from Vat in January, which was higher than the N649.561 billion available in Dec. 2024 by N122.325 billion,” it said.

    The communiqué said that from the N1.703 trillion total revenue, the Federal Government received the sum of N552.591 billion and the state governments received N590.614 billion.

    “The LGCs received the sum of N434.567 billion and a total sum of N125.284 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “On the N749.727 billion statutory revenue, the Federal Government received N343.612 billion and the state governments received N174.285 billion.

    “The LGCs received N134.366 billion, and the sum of N97.464 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

    The communiqué further said that from the N718.781 billion VAT revenue, the Federal Government received N107.817 billion, the state governments received N359.391 billion and the LGCs received N251.573 billion.

    It said that a total sum of N3.082 billion was received by the Federal Government from the N20.548 billion EMTL, from which the state governments received N7.192 billion and the LGCs received N10.274 billion.

    “From the N214 billion augmentation, the Federal Government received N98.080 billion and the state governments received N49.747 billion.

    “The LGCs received N38.353 billion, and a total sum of N27.820 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

    “In January, VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty and CET Levies increased significantly while EMTL and oil and gas royalty decreased considerably,” it said.

  • FAAC: How FG, States, LGAs shared N1.424trn December revenue

    FAAC: How FG, States, LGAs shared N1.424trn December revenue

    A total sum of N 1.424 trillion, being December 2024 Federation Account Revenue has been shared to the Federal Government, states, and the Local Government Councils (LGCs).

    This is according to a statement by Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF).

    Mokwa said that the revenue was shared at the January Federation Account Allocation Committee (FAAC) meeting on Friday in Abuja.

    Meanwhile, a communiqué from the FAAC meeting said that the N1.424 trillion total revenue comprised statutory revenue of N386.124 billion, and Value Added Tax (VAT) revenue of N604.872 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.

    The communiqué indicated that total gross revenue of N2.310 trillion was available in Dec. 2024.

    It said that total deduction for cost of collection was N84.780 billion while total transfers, interventions, and refunds were N801.175 billion.

    “Gross statutory revenue of N1.226 trillion was received for Dec. 2024. This was lower than the sum of N1.827 trillion received in of Nov. 2024 by N600.988 billion.

    “Gross revenue of N649.561 billion was available from VAT in Dec. 2024. This was higher than the N628.973 billion available in Nov. 2024 by N20.588 billion,” it said.

    The communiqué said that from the N1.424 trillion total distributable revenue, the Federal Government received the total sum of N451.193 billion, while the state governments received the sum of N498.498 billion.

    It said that the LGCs received N361.754 billion, and a total sum of N113.477 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “On the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, and the state governments received N85.055 billion.

    “The LGCs received N65.574 billion, and the sum of N67.806 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N604.872 billion VAT revenue, the Federal Government received N90.731 billion, the state governments received N302.436 billion and the LGCs received N211.705 billion,” it said.

    It further said that a total sum of N4.682 billion was received by the Federal Government from the N31.211 billion EMTL.

    It said that the state governments received N15.605 billion, and the LGCs received N10.924 billion.

    “From the N402.714 billion Exchange Difference revenue, the communiqué said that the Federal Government received N188.090 billion, and the state governments received N95.402 billion.

    It said that the LGCs received N73.551 billion, while the sum of N45.671 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    It said that in Dec. 2024, VAT and EMTL increased significantly while Oil and Gas royalty, CET levies, excise duty, import duty, petroleum profit tax and companies income tax decreased considerably.

  • FG, States, LGs share N1.727trn FAAC revenue

    FG, States, LGs share N1.727trn FAAC revenue

    The Federation Accounts Allocation Committee (FAAC), has shared N1.727 trillion among the Federal Government, states, and Local Government Councils (LGCs) for November.

    This is contained in a communiqué issued after the FAAC meeting on Thursday in Abuja.

    According to the communiqué, the N1.727 trillion total distributable revenue comprised statutory revenue of N455.354 billion.

    It also comprised distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.

    The communiqué indicated that total gross revenue of N3.143 trillion was available in the month of November.

    “Total deduction for cost of collection was N103.307 billion, while total transfers, interventions, and refunds was N1.312 trillion,” it said.

    It said that gross statutory revenue of N1.827 trillion was received for the month of November.

    “This is higher than the sum of N1.336 trillion received in the month of October 2024 by N490.339 billion.

    “Gross revenue of N628.972 billion was available from the VAT in November. This was lower than the N668.291 billion available in the month of October by N39.318 billion ” it said.

    The communiqué said that from the N1.727 trillion total distributable revenue, the Federal Government received the total sum of N581.856 billion, and the state governments received N549.792 billion.

    “The LGCs received the sum of N402.553 billion, and a total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    On the N455.354 billion statutory revenue, the communiqué said that the Federal Government received N175.690 billion, and the state governments received N89.113 billion.

    It said that the LGCs received N68.702 billion, and the sum of N121.849 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

    “From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, the state governments received N292.850 billion, and the LGCs received N204.995 billion.

    “A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion EMTL. The state governments received N7.523 billion, and the LGCs received N5.266 billion,” it said.

    It said that in November, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL decreased considerably.

  • How FG, States, LGs shared N1.411trn October FAAC allocation

    How FG, States, LGs shared N1.411trn October FAAC allocation

    The Federation Accounts Allocation Committee (FAAC) has shared N1.411 trillion among the Federal Government, States and  Local Government Councils (LGCs) for October.

    This is according to a communiqué from FAAC made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation on Wednesday in Abuja.

    The communiqué said that the revenue was shared at the November meeting of FAAC held in Bauchi State and chaired by the Accountant-General of the Federation, Oluwatoyin Madein.

    The FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.

    According to the communiqué, the N1.411 trillion total revenue comprised statutory revenue of N206.319 billion, and Value Added Tax (VAT) revenue of N622.312 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion and Exchange Difference revenue of N566 billion.

    “A total gross revenue of N2.668 trillion was available in the month of October.

    “Total deduction for cost of collection was N97.517 billion while total transfers, interventions and refunds was N1.159 trillion,” it said.

    It said that gross statutory revenue of N1.336 trillion was received for the month of October.

    “This was higher than the sum of N1.043 trillion received in the month of September by N293.009 billion,” it said.

    It said that gross revenue of N668.291 billion was available from VAT, which was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.

    The communiqué said that from the N1.411 trillion total revenue, the Federal Government received the sum of N433.021 billion, and the state governments received N490.696 billion.

    It said the LGCs received N355.621 billion, and  N132.404 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    On the N206.319 billion distributable statutory revenue, the communiqué said that the Federal Government received N77.562 billion and the state governments received N39.341 billion.

    “The LGCs received N30.330 billion, and the sum of N59.086 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It said that oil and gas royalty, excise duty, VAT, import duty, petroleum profit tax, and companies income tax increased significantly while EMTL and Common External Tariff (CET) levies decreased considerably.

  • FAAC: FG, States, LGs share N1.298 trillion for September

    FAAC: FG, States, LGs share N1.298 trillion for September

    The Federal, State, and Local Governments have shared N1.298 trillion from the Federation Account Allocation Committee (FAAC) for September 2024.

    The distribution took place during the FAAC October 2024 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

    The N1.298 trillion was allocated from a gross total of N2.298 trillion, which included Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N150 billion.

    From this FAAC amount, the Federal Government received N424.867 billion, the States N453.724 billion, and Local Government Councils N329.864 billion. The Oil-Producing States were allocated N90.415 billion as Derivation (13% of Mineral Revenue).

    In addition, N80.993 billion was allocated for collection costs, and N878.946 billion was set aside for Transfers, Intervention, and Refunds.

    According to the communiqué issued at the end of the meeting, the Gross Revenue from VAT in September 2024 stood at N583.675 billion, a slight increase from the N573.341 billion distributed in the previous month.

    Out of this, N23.347 billion was allocated for collection costs, and N16.810 billion for Transfers, Intervention, and Refunds. The remaining N543.518 billion was distributed as follows: Federal Government N81.258 billion, States N271.759 billion, and Local Government Councils N190.231 billion.

    The Gross Statutory Revenue for September amounted to N1.043 trillion, reflecting a decline of N177.426 billion compared to the N1.221 trillion received in the previous month. From this sum, N56.878 billion was set aside for collection costs, and N862.136 billion for Transfers, Intervention, and Refunds.

    The remaining balance of N124.718 billion was shared among the three tiers of government: the Federal Government received N43.037 billion, the States N21.829 billion, Local Government Councils N16.829 billion, and N43.021 billion was allocated for Derivation Revenue.

    Furthermore, N19.213 billion from the Electronic Money Transfer Levy (EMTL) was shared among the three tiers of government, with the Federal Government receiving N2.767 billion, the States N9.222 billion, and Local Government Councils N6.456 billion. N0.768 billion was earmarked for collection costs.

    The communiqué also highlighted that N462.191 billion from the Exchange Difference was shared as follows: the Federal Government received N218.515 billion, the States N110.834 billion, Local Government Councils N85.448 billion, and N47.394 billion was allocated for Derivation (13% of Mineral Revenue).

    Additionally, an Augmentation of N150 billion was distributed, with the Federal Government receiving N70.020 billion, the States N40.080 billion, and Local Government Councils N30.900 billion.

    The report also noted significant increases in Oil and Royalty, Excise Duty, EMTL, and CET levies, while VAT and Import Duty recorded marginal gains. However, there were notable declines in Petroleum Profit Tax (PPT) and Company Income Tax (CIT).

     

     

  • FG, States, LGAs share N1.203trn August revenue

    FG, States, LGAs share N1.203trn August revenue

    The Federation Accounts Allocation Committee (FAAC) has shared N1.203 trillion revenue among the Federal Government, States and Local Government Councils (LGCs).

    According to a communique issued by FAAC after its meeting on Tuesday, the N1..203 trillion total distributable revenue comprised statutory revenue of N186.636 billion, and Value Added Tax (VAT) revenue of N533.895 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion.

    The communiqué indicated that total revenue of N2.278 trillion was available in August. It said that total deduction for cost of collection was N81.975 billion, while total transfers, interventions and refunds were N992.617 billion.

    According to the communiqué, gross statutory revenue of N1.221 trillion was received for the month of August.

    ”This was lower than the sum of N1.387 trillion received in July by N165.994 billion. Gross revenue of N573.341 billion was available from VAT in August. This was lower than the N625.329 billion available in the month of July 2024 by N51.988 billion,” it said.

    The communiqué said that from the N1.203 trillion total distributable revenue, the Federal Government received the sum of N374.925 billion and the state governments received total sum of N422.861 billion.

    “The LGCs received a total sum of N306.533 billion, and a total sum of N99.474 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    According to the communique, from the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, the State Governments received N266.948 billion and the LGCs received N186.863 billion

    It said that a total sum of N2.252 billion was received by the Federal Government from the N15.017 billion EMTL. The state governments received N7.509 billion and the LGCs received N5.256 billion.

    It said that Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies and Companies Income Tax (CIT) all recorded decreases It said that the balance in the Excess Crude Account (ECA) was 473,754.57 dollars.

  • FAAC: FG, States, LGs share N1.358 trillion

    FAAC: FG, States, LGs share N1.358 trillion

    The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July.

    This is contained in a communique issued after FAAC meeting for August on Friday in Abuja.

    According to the communique, the N1.358 trillion total distributable fund comprised statutory revenue of N161.593 billion.

    It also comprised Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

    Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

    The communique that a total revenue of N2.613 trillion was available in the month of July.

    “Total deduction for cost of collection was N99.756 billion, while total transfers, interventions and refunds was N1.155 trillion ” it said.

    According to the communique, gross statutory revenue of N1.387 trillion was received for the month of July.

    “This was lower than the sum of N1.432 trillion received in the month of June by N45.517 billion,” it said.

    It said that gross revenue of N625.329 billion was available from VAT in July, adding that it was higher than the N562.685 billion available in the month of June by N62.644 billion.

    “From the N1.358 trillion total distributable revenue, the Federal Government received the total sum of N431.079 billion and the state government received N473.477 billion.

    “The LGCs received N343.703 billion, and a total sum of N109.816 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It said that on the N161.593 billion statutory revenue, the Federal Government received N58.545 billion and the state government received N29.695 billion.

    It added that the LGCs received N22.894 billion, while the sum of N50.459 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    It further said that in July, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL)and CET Levies increased significantly.

    “Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

    “The balance in the Excess Crude Account is 473, 754 dollars.”

  • FAAC: FG, states, LGs share N1.354 trn

    FAAC: FG, states, LGs share N1.354 trn

    The Federation Accounts Allocation Committee (FAAC) gas shared a total sum of N1.354 trillion June revenue among the Federal Government, states and Local Government Councils (LGCs).

    The revenue was shared at the July meeting of FAAC, held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

    A communiqué issued by FAAC stated that the N1.354 trillion total revenue comprised statutory revenue of N 142.514 billion, and Value Added Tax (VAT) revenue of N523.973 billion.

    I also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and Augmentation of N200 billion.

    The communique said that a total revenue of N2.483 trillion was available in the month of June 2024.

    ” Total deduction for cost of collection was N92.112 billion, while total transfers, interventions, and refunds was N1.037 trillion.

    “Gross statutory revenue of N1.432 trillion was received for the month of June. This was higher than the sum of N1.223 trillion received in the month of May by N208.773 billion.

    “Gross revenue of N562.685 billion was available from VAT in June.

    “This was higher than the N497.665 billion available in the month of May by N65.020 billion,” it said.

    Accordimg to the communiqué, from the N1.354 trillion total revenue, the Federal Government received total sum of N459.776 billion, the state governments received total sum of N461.979 billion and the LGCs received total sum of N337.019 billion.

    It said that a total sum of N95.598 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    It added that the balance in the Excess Crude Account was 473, 754 dollars.

  • FAAC reveals how much shared to States, LGs, FG in May

    FAAC reveals how much shared to States, LGs, FG in May

    The Federation Accounts Allocation Committee (FAAC), on Monday shared  N1.143 trillion among the Federal Government, states and Local Government Councils (LGCs) for May.

    The revenue was shared at the June meeting of the FAAC, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

    According to a communiqué issued by the committee at the end of the meeting, the N1.143 trillion total revenue comprised statutory revenue of N157.183 billion, Value Added Tax (VAT) revenue of N463.425 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

    It said that revenue of N2.324 trillion was available in the month of May.

    ” Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion.

    “Gross statutory revenue of N1.223 trillion was received for the month of May 2024. This was lower than the sum of N1,233 trillion received in the month of April by N9.604 billion,” it said .

    The communiqué said that
    gross revenue of N497.665 billion was available from VAT in May, which was lower than the N500.920 billion available in April by N3.255 billion.

    It confirmed that from the N1.143 trillion total revenue, the Federal Government received N365.813 billion, the state governments received N388.419 billion, and the LGCs received N282.476 billion.

    It said that the sum of N106.502 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    On the N157.183 billion statutory revenue, the communiqué said that the Federal Government received N61.010 billion, the state governments received N30.945 billion, and the LGCs received N23.857 billion.

    “The sum of N41.371 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “The Federal Government received N69.514 billion, the state governments received N231.713 billion, and the LGCs received N162.199 billion from the N463.425 billion VAT revenue.

    “A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion EMTL, the state governments received N7.573 billion, and the LGCs received N5.301 billion,” it said.

    According to the communiqué, the balance in the Excess Crude Account (ECA) is 473,754.57 Dollars.

  • FAAC: FG, states, LGs share N1.208trn revenue for April

    FAAC: FG, states, LGs share N1.208trn revenue for April

    The Federation Account Allocation Committee (FAAC), has shared the sum of N1.208 trlllion as revenue for April among the Federal Government, states and Local Government Councils (LGCs).

    The revenue was shared on Thursday at the May meeting of FAAC in Abuja.

    A communiqué issued by the committee said that the N1.208 tillion total distributable revenue comprised statutory revenue of N284.716 billion, and Value Added Tax (VAT) revenue of N466.457 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.

    The communique said the total revenue of N2.192 billion was available in the month of April.

    “Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.

    The communique said the Gross statutory revenue of N1.233 billion was received for the month under review. This was higher than the sum of N1.017 billion received in the month of March  by N216.282 billion,” it said.

    It said that the gross revenue available from VAT in April was N500.920 billion, which is lower than the N549.698 billion available in March by N48.778 billion.

    The communiqué said that from the N1.208 trillion total distributable revenue, the Federal Government received N390.412 billion, the state governments received N403.403 billion and the LGCs received N293.816 billion.

    “A total sum of N120.450 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It said that on the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, the state governments received N56.883 billion and the LGCs received N43.855 billion.

    It said that the sum of N71.830 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “The Federal Government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.

    “A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion EMTL, the state governments received N9.012 billion and the LGCs received N6.308 billion.

    “The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue; the state governments received N104.279 billion, and the LGCs received N80.394 billion.

    “The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly.

    It, however, said that Import Duty and VAT recorded considerable decreases.

    “The balance in the ECA was 473.754 million dollars.