FG, states, LGCs share N736.8bn as revenue for October 2022

The federal, state and local governments have shared a total sum of N736.782 billion as the Federation Allocation for October 2022.

A statement from Phil Abiamuwe-Mowete, Director Information/Press, Federal Ministry of Finance, Budget and National Planning, said the amount is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Augmentation from Non-Oil Revenue.

The federal government received N293.955bn, states N239.512bn, the LGCs N177.086bn, while the oil producing states received N26.228bn as derivation (13% of mineral revenue).

It said the Federation Account Allocation Committee (FAAC) indicated that the gross revenue available from VAT for October 2022 was N213.283bn which was an increase distributed in the preceding month.

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The distribution was as follows; the federal government got N31.992bn, states received N106.642bn and LGCs got N74.649bn.

Accordingly, the Gross Statutory Revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the federal government was allocated the sum of N206.576bn, states N104.778bn, LGCs N80.779bn, and Oil Derivation (13% Mineral Revenue) N25.591bn.

Also, N70bn Augmentation was distributed to the three tiers of government as follows; federal government N36.876bn, states N18.704bn, and LGCs N14.420bn.

In addition, another extra N30bn augmentation from Non-Oil Revenue was distributed as follows; federal government N15.804bn, states N8.016bn, while LGCs received N6.180bn.

The statement further disclosed that the sum of N5.775bn from Exchange Gain was shared thus: federal government N2.707bn, states N1.373bn, LGCs N1.058bn and Derivation (13% of Mineral Revenue)  N0.637bn.

According to the statement, the total revenue distributable for the current month of October was drawn from Statutory Revenue of N417.724bn, VAT N213.283bn, Exchange Gain N5.775bn, and N100bn Augmentation from Non-Oil Revenue, bringing the total distributed the month to N736.782bn.

However, the balance in the Excess Crude Account (ECA) as at 23rd November, 2022 stands at $472,513.64bn.