FAAC shares N714bn March revenue to federal, state, local govts

By Business A.M. 

The Federation Account Allocation Committee (FAAC) says it shared a total sum of N714.629 billion as March 2023 federation account revenue to the federal, state and local government,  a decrease of N8.048 billion compared to February’s allocation of N722.677 billion.

This was contained in a communiqué issued at the end of the April 2023 FAAC’s meeting in Abuja.

A breakdown of the disbursement showed that the federal government received N276.141 billion, state governments got N232.129 billion while local governments received N171.257 billion, while a total sum of N35.102 billion was shared to the relevant states as 13 per cent derivation revenue.

According to the comminiqué, the N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable value added tax (VAT) revenue of N202.693 billion and electronic money transfer levy(EMTL) of N14.488 billion.

It further disclosed that in March 2023, the total deductions for the cost of collection was N31.355 billion and the total deductions for transfers, refunds and consultancy fees stood at N126.567 billion.

Meanwhile, the balance in the excess crude account stood at $473,754.57.

FAAC said a statutory revenue of N638.673 billion was received for the month of March 2023.This, it stated, was higher than the sum of N487.106 billion received in February 2023 by N151.567 billion.

From the balance of N497.448 billion distributable statutory revenue, the committee said the federal government received N243.564 billion, states received N123.539 billion and local governments got N95.243 billion. The sum of N35.102 billion was shared to the relevant States as 13 per cent derivation revenue.

The gross revenue available from the Value Added Tax stood at N218.786 billion,  N22.013 billion below the N240.799 billion available in February 2023. The committee said the federal government received N30.404 billion, the state governments received N101.347, and the LGAs received N70.943 billion from the N202.693 billion distributable Value Added Tax revenue.

FAAC said the federal government received N2.173 billion, the state governments received N7.244 billion and the LGA got N5.071 billion from the N14.488 billion the electronic money transfer levy.

The communiqué also disclosed petroleum profit tax(PPT), companies income tax (CIT), oil and gas royalties, import and excise duties, and electronic money transfer levy increased remarkably in March 2023,  while Value Added Tax decreased considerably.