Experts raise concerns over FG’s plan to fund deficit from privatization
Zainab Ahmed, Nigeria's Finance Minister

The Federation Account Allocation Committee (FAAC) shared N700.235 billion among the three tiers of government in September 2022, an increase of N27.098 billion compared to August’s allocation of N673.137 billion.

FAAC disclosed this in a communiqué issued on Wednesday at the end of its October meeting in Abuja.

A breakdown of the N700.235 billion for the month of September, shows that N502.135 billion was for statutory revenue, N189.928 billion for value-added tax (VAT), and N8.172 billion for electronic money transfer levy (EMTL).

The communiqué said the federal government received N262.636 billion, the states received N217.191 billion, and local governments received N160.416 billion.

For the month in review, oil-producing states also received N59.992 billion as derivation, (13 percent of mineral revenue).

FAAC further said the gross revenue available from the value-added tax was N189.928 billion.

From the figure, the federal government received N28.489 billion, the states received N94.964 billion and local governments got N66.475 billion.

On the gross statutory revenue of N502.135 billion distributed, the federal government was given N232.921 billion, while the states and local governments got N118.141 billion and N91.081 billion, respectively.

Meanwhile, FAAC disclosed that oil and gas royalties increased tremendously.

It said while petroleum profit tax (PPT) and excise duty marginally increased, value-added tax (VAT), import duty, and companies income tax (CIT), decreased considerably.

Th committee added that the balance in the excess crude account (ECA), as at October 26, 2022, stands at $472,513.64.

 

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