Goli Innocent 
The Federation Account Allocation Committee (FAAC) has shared N903.480 billion September 2023 Federation Account Revenue with the Federal, State and Local Governments in September 2023.
Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant General of Federation on Tuesday said that the FAAC communique put the total revenue available in September 2023 at N1,594.763 billion.
Comparing the amount to the August disbursement of N1.1 trillion, it shows a drop of N196.52 billion.
The communiqué revealed that N423.01 billion in statutory revenue, N282.66 billion in value-added tax (VAT), N10.98 billion from the electronic money transfer levy (EMTL), and N186.81 billion from exchange difference were used to fund N903.48 billion.
N54.426 billion was allotted to collection costs, N347,857 billion to transfers and refunds, and N289 billion was transferred to non-oil revenue (savings) for September 2023, according to the FAAC.
The distributable VAT revenue for the period under review, according to FAAC, was N303.55 billion, an N42.177 billion drop from the N345.72 billion distributed in August.
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The committee reported that N282.666 billion had been disbursed to the three levels of government out of the N303.55 billion in distributable VAT income.
N42.40 billion went to the federal government, N141.33 billion to the state, and N98.933 billion to local governments.
The committee said the distributable gross statutory revenue “of N1,014.953 billion was received for the month of September” an amount higher than the sum of N891.934 billion received in the preceding month by N123.019 billion.
The federal government received N190.84 billion, the states received N96.80 billion, and local governments received N74.62 billion from the distributable gross statutory revenue.
According to FAAC, the federal government received N1.64 billion, the states received N5.49 billion, and the local government received N3.846 billion of the N11.44 billion in distributable revenue from EMTL.
Additionally, the federal government received N85.64 billion, the states received N43.44 billion, and local governments received N33.49 billion from the N264.81 billion exchange difference earnings.
According to FAAC, as of October 24, 2023, the balance in the excess crude account (ECA) was $473,754.57.
