The Federal Government has revealed that Oil and Gas Royalties increased tremendously in the federal allocation for the month of September 2022 , while Petroleum Profit Tax (PPT) and Excise Duty recorded marginal increases. However, Value Added Tax (VAT), Import Duty and Companies Income Tax (CIT) decreased considerably.
The Federation Account Allocation Committee (FAAC),made this disclosure at its Meeting where they shared a total sum of N700.235 billion to the three tiers of government, as federation allocation for the month of September, 2022.
The Communique iaaued at the end of the meeting stated that, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and Electonic Money Transfer Levy (EMTL), the Federal Government received N262.636 billion, the States received N217.191 billion, the Local Government Councils got N160.416 billion, while the Oil producing states received N59.992 billion as derivation, (13% of Mineral Revenue).
It was also revealed that Gross Revenue available from the Value Added Tax (VAT) for September 2022 was N189.928 billion which is a decrease distributed in the preceding month. The distribution is as follows; Federal Government got N28.489 billion, the States received N94.964 billion, Local Government Councils got N66.475 billion.
Accordingly, the Gross Statutory Revenue of N502.135 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921 billion, States got N118.141billion, LGCs got N91.081billion, and Oil Derivation (13% Mineral Revenue) got N59.992 billion.
Further more, total revenue distributable for the current month of September was drawn from Statutory Revenue of N502.135 billion, Value Added Tax (VAT) of N189.928 billion and N8.172 billion drawn from Electronic Money Transfer Levy (EMTL), bringing the total distributable for the month to N700.235 billion.
Anf the balance in the Excess Crude Account (ECA), as at 26th October 2022 stands at $472,513.64.