Funds available for sharing among the Federal Government, States and Local Government Areas in September grew by N87,098 to N760.235 billion as against N673.137 billion distributed in August. The Excess Crude Account (ECA) also gained about $2,000 and stood at $472,513.64, as against $470,599.54 in August.
These were contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for October 2022. The N760.235 billion total distributable revenue comprised distributable statutory revenue of N502.135 billion, distributable Value Added Tax (VAT) revenue of N189.928 billion, Electronic Money Transfer Levy (EMTL) revenue of N8.172 billion and Augmentation of N60.000 billion.
In September 2022, the total deductions for cost of collection was N34.422 billion and total deductions for transfers, savings and refunds was N303.525 billion.
The communiqué confirmed that from the total distributable revenue of N760.235 billion; the Federal Government received N294.244 billion, the State Governments received N233.223 billion and the Local Government Councils received N172.776 billion. The sum of N59.992 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N825.710 billion was received for the month of September 2022. This was higher than the sum of N654.360 billion received in the previous month by N171.350 billion