The Federation Account Allocation Committee (FAAC) has shared N906.9 billion October 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
A communiqué issued at the end of the FAAC meeting for November 2023, by its Director, Press and Public Relations, Bawa Mokwa stated:
“From the N906.955 billion total distributable revenue, the Federal Government received a total of N323.355 billion, the State Governments received N307.717 billion and the Local Government Councils received N225.209 billion”
Total revenue of N1,346.519 billion was available in the month of October 2023. Total deductions for cost of collection was N53.483 billion; total transfers, interventions and refunds was N386.081 billion.
Gross statutory revenue of N 660.090 billion was received for the month of October 2023. This was lower than the N1,014.953 billion received in the month of September 2023 by N354.863 billion.
The gross revenue available from the Value Added Tax (VAT) was N347.343 billion. This was higher than the N303.550 billion available in the month of September 2023 by N43.793 billion.