Federation allocation to the federal government, states and local council areas (LCAs) declined to N2.103 trillion in September, compared to N2.22 trillion shared in August.
The Federation Account Allocation Committee (FAAC) disclosed this on Friday, October 17.
It said the allocation was shared at its October meeting, chaired by the Accountant General of the Federation, Shamsudeen Ogunjimi.
According to FAAC, the total distributable revenue for September comprised ₦2.239 trillion from statutory revenue, ₦812.593 billion from value-added tax (VAT), and ₦51.684 billion from EMTL.
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This brought the total amount shared to ₦2.103 trillion.
Of the distributable revenue, the federal government received N711.31 billion, the states N727.17 billion, and LGCs N529.95 billion.
In addition, oil-producing states received N134.95 billion, a 13 per cent derivation of mineral revenue
FAAC noted that N116.14 billion was set aside for the cost of collection and N835 billion for transfers, intervention and refunds.
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Significantly, FAAC said the gross VAT revenue inched up by N150.01 billion to N872.63 billion.
It noted that VAT, import duty, and EMTL increased significantly, but CET levies and company income tax (CIT) declined.
FAAC stated further that the petroleum profit tax (PPT) increased marginally, while oil and gas royalty and excise duty recorded marginal decreases.
It added that the total revenue distributed was drawn from statutory revenue of ₦2.23 trillion, VAT of ₦812.59 billion, and EMTL of ₦51.68 billion.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
