Federal, state, and municipal governments received a combined amount of N736.782 billion in federation money from October 2022 thanks to the Federation Account Allocation Committee (FAAC).
This information can be found in a communiqué that was released during the November 2022 meeting of the Federation Account Allocation Committee (FAAC).
The entire distributable revenue of N736.782 billion was made up of N417.724 billion in distributable statutory income, N213.283 billion in distributable Value Added Tax (VAT), N5.775 billion in exchange gain revenue, and N100.000 billion in non-oil revenue augmentation.
In October 2022, there were N33.555 billion in total deductions for the cost of collection, and N186.749 billion in total deductions for transfers, savings, and refunds.
According to a statement from Henshaw Ogubike, Director (Information, Press, and Public Relations), Office of the Accountant General of the Federation (OAGF), the Excess Crude Account (ECA) had a balance of $472,513.64.