November 23, (THEWILL) – The Federation Account Allocation Committee (FAAC) has disbursed a complete sum of N906.955 billion as October 2023 Federation Account Income to the Federal Authorities, States, and Native Authorities Councils.
In keeping with a communique issued by FAAC at its November 2023 assembly in Asaba, Delta State, the N906.955 billion distributable income comprised: N305.070 billion statutory income; N323.446 billion Worth Added Tax (VAT) income; N15.552 billion Digital Cash Switch Levy (EMTL) income; N202.887 billion Alternate Distinction income and N60.000 billion augmentation
Complete income of N1,346.519 billion was accessible in October 2023. Deductions for value of assortment amounted to N53.483 billion, and complete transfers, interventions, and refunds totalled N386.081 billion.
Gross statutory income of N660.090 billion was acquired in October 2023, a lower of N354.863 billion from the N1,014.953 billion acquired in September 2023.
Gross VAT income was N347.343 billion, a rise of N43.793 billion from the N303.550 billion accessible in September 2023.
From the entire distributable income of N906.955 billion, the Federal Authorities acquired N323.355 billion, the State Governments acquired N307.717 billion, and the Native Authorities Councils acquired N225.209 billion.
A complete sum of N50.674 billion (13 % of mineral income) was shared to the related States as derivation income.
From the distributable statutory income of N305.070 billion, the Federal Authorities acquired N147.574 billion, the State Governments acquired N74.852 billion, and the Native Authorities Councils acquired N57.707 billion. The sum of N24.937 billion (13% of mineral income) was shared to the related States as derivation income.
The Federal Authorities acquired N48.517 billion, the State Governments acquired N161.723 billion, and the Native Authorities Councils acquired N113.206 billion from the distributable Worth Added Tax (VAT) income of N323.446 billion.
The N15.552 billion Digital Cash Switch Levy (EMTL) was shared as follows: the Federal Authorities acquired N2.333 billion, the State Governments acquired N7.776 billion, and the Native Authorities Councils acquired N5.443 billion.
The Federal Authorities acquired N93.323 billion from the N202.887 billion Alternate Distinction income. The State Governments acquired N47.334 billion, and the Native Authorities Councils acquired N36.493 billion. The sum of N25.737 billion (13% of mineral income) went to the related States as derivation income.
The Augmentation of N60.000 billion was shared as follows: Federal Authorities acquired N31.608, the State Governments acquired N16.032 billion, and the Native Authorities Councils acquired N12.360 billion.
In October 2023, Import Responsibility, Petroleum Revenue Tax (PPT), Worth Added Tax (VAT), CET Levies, and Digital Cash Switch Levy (EMTL) elevated considerably, whereas Excise Duties and Corporations Earnings Tax (CIT) recorded appreciable decreases. Oil and Fuel Royalties decreased marginally.