FAAC: FG, states, LGAs shared N714bn in March — down by N8bn

The Federation Account Allocation Committee (FAAC) says it shared N714.629 billion among the three tiers of government in March 2023.

This was contained in a communiqué issued at the end of the committee’s meeting for April 2023 in Abuja on Wednesday.

The disbursement shows a decrease of N8.048 billion compared to February’s allocation of N722.677 billion.

The committee said 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.

According to the comminiqué, in March 2023, the total deductions for cost of collection was N31.355 billion, while total deductions for transfers, refunds and consultancy fees was N126.567 billion.

From the total distributable revenue of N714.629 billion, FAAC said 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 also shared to the relevant states as 13 percent derivation revenue.

FAAC said a statutory revenue of N638.673 billion was received for the month of March 2023.

This, it explained, was higher than the sum of N487.106 billion received in the previous month 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 committee added that the sum of N35.102 billion was shared as 13 percent derivation revenue among the relevant states.

According to FAAC, the gross revenue available from VAT for March was N218.786 billion, which is lower than the previous month’s.

The committee, however, said from the N202.693 billion distributable VAT revenue, federal government received N30.404 billion, the state governments received N101.347 billion and the local government councils received N70.943 billion.

FAAC said the sum of N14.488 billion from the EMTL was distributed to the federal government (N2.173 billion), states (N7.244 billion), and local governments (N5.071 billion).

The communiqué further revealed that petroleum profit tax (PPT), companies’ income tax (CIT), oil and gas royalties, and import and excise duties, and electronic money transfer Levy (EMTL) increased remarkably while VAT decreased considerably.

FAAC said the balance in the excess crude account (ECA) remained $473,754.57.