In August 2023, the Federation Account Allocation Committee (FAAC) made a significant announcement, revealing the allocation of a substantial sum to various entities in Nigeria.
The Office of the Accountant General of the Federation (OAGF) reported that a total of N1.1 trillion had been shared among the Federal Government, States, and Local Government Councils.
As disclosed in the communique issued during the FAAC’s September 2023 meeting, the exact amount distributed was “N1100.101 billion total distributable revenue,” as conveyed by Bawa Mokwa, the Director of Press and Public Relations at the OAGF.
This considerable allocation was composed of several components. It included distributable statutory revenue amounting to N357.398 billion, distributable Value Added Tax (VAT) revenue totaling N321.941 billion, Electronic Money Transfer Levy (EMTL) revenue, which stood at N14.102 billion, Exchange Difference revenue of N229.568 billion, and an augmentation of NN177.092 billion.
The communique also outlined the overall revenue available for the month of August 2023, which amounted to a substantial N1.48 trillion.
However, this sum was subject to various deductions. Specifically, N58.755 billion was allocated for the cost of collection, N254.046 billion for transfers and refunds, and a notable N71.000 billion was set aside as savings, as indicated in the statement.
This allocation of funds played a crucial role in supporting the financial stability and operations of the government and its various tiers across the nation.
