FAAC disburses N722.7b to FG, States, LGs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N722.677 billion February 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils, a slight decline from N750.17billion shared in the previous month.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for March 2023.

The N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion, Electronic Money Transfer Levy(EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account.

In February 2023, the total deductions for the cost of the collection were N27.449 billion and the total deductions for transfers, savings, recoveries and refunds were N109.909 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

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The communiqué confirmed that from the total distributable revenue of N722.677 billion; the Federal Government received N269.063 billion, the State Governments received N236.464 billion and the Local Government Councils received N173.936 billion. A total sum of N43.214 billion was shared to the relevant States as 13% derivation revenue.

Gross statutory revenue of N487.106 billion was received for the month of February 2023. This was lower than the sum of N653.704 billion received in the previous month by N166.598 billion.

From the N366.800 billion distributable statutory revenue, the Federal Government received N178.683 billion, the State Governments received N90.630 billion and the Local Government Councils received N69.872 billion. The sum of N27.614 billion was shared to the relevant States as 13% derivation revenue.

For the month of February 2023,, the gross revenue available from the Value Added Tax (VAT) was N240.799 billion This was lower than the N250.009 billion available in the month of January 2023 by N9.210 billion.

“The Federal Government received N33.635 billion, the State Governments received N112.116 billion and the Local Government Councils received N78.481 billion from the N224.232 billion distributable Value Added Tax (VAT) revenue.

“The N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.747 billion, the State Governments received N5.822 billion, the Local Government Councils received N4.076 billion.

“From the N120.000 billion Augmentation, the Federal Government received N54.998 billion, the State Governments received N27.896 billion, the Local Government Councils received N21.506 billion and a total sum of N15.600 billion was shared to the relevant Sates as 13% mineral revenue,” it stated.

According to the communiqué, in the month of February 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties all decreased significantly while Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) decreased marginally.