FAAC disburses N714.629bn March 2023 revenue to FG, states, councils

The Federation Account Allocation Committee (FAAC) has distributed a total of N714.629 billion to the federal, states and local government councils.

The total sum which is March 2023 federation account revenue, fell from N722.677 billion shared in February 2023.

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

According to the committee, the N714.629 billion revenue comprised of 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.

“In March 2023, the total deductions for cost of collection was N31.355 billion and total deductions for transfers, refunds and consultancy fees was N126.567 billion.

“Of the total distributable revenue of N714.629 billion; the Federal Government received N276.141 billion, the state governments received N232.129 billion and the local government councils received N171.257 billion. A total sum of N35.102 billion was shared to the relevant States as 13 percent derivation revenue.

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“Gross statutory revenue of N638.673 billion was received for the month of March 2023. This was higher than the sum of N487.106 billion received in the previous month by N151.567 billion,” FAAC said in the communique.

It also stated that the balance in the Excess Crude Account (ECA) was $473,754.57.

Similarly, from the N497.448 billion distributable statutory revenue, the Federal Government received N243.564 billion, the state governments received N123.539 billion and the local government councils received N95.243 billion, while N35.102 billion was shared to the relevant states as 13 percent derivation revenue.

For the month of March 2023,, the gross revenue available from VAT was N218.786 billion, this was lower than the N240.799 billion available in the month of February 2023 by N22.013 billion.

“The Federal Government received N30.404 billion, the state governments received N101.347 billion and the local government councils received N70.943 billion from the N202.693 billion distributable VAT revenue.

“The N14.488 billion electronic money transfer levy was shared as follows: the Federal Government received N2.173 billion, the state governments received N7.244 billion and the local government councils received N5.071 billion.”

The communique indicated an increase in the value of petroleum profit tax (PPT), companies income tax (CIT), oil and gas royalties, import and excise duties as well as EMTL in the month of March 2023.