FAAC shares N722bn to FG, States, LGAs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N722 billion as February 2023 federation revenue to the federal, state and local government councils and other relevant agencies in the country.

The amount includes the gross statutory revenue, value-added tax, exchange gain and electronic money transfer levies.

The federal government received N269.063 billion, the states received N236.464 billion, the local government councils got N173.936 billion, while the oil-producing states received N43.214 billion as derivation (13 per cent of Mineral Revenue).

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

The communiqué indicated that the gross revenue available from the VAT for the month was N240 billion. This was lower than the N250 billion available in the month of January 2023 by N9.210 billion.

“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,” the communiqué said.

It said the total deductions for cost of collection in February 2023 was N27.449 billion and total deductions for transfers, savings, recoveries and refunds was N109.909 billion.

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

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.

According to the communique, 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 percent mineral revenue.

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.