FAAC: FG, states, LGs, others share N714.6bn March 2023 revenues

Thursday, 20 April 2023 03:56

FAAC: FG, states, LGs, others share N714.6bn March 2023 revenues

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Federation Accounts Allocation Committee (FAAC) has shared a total of N714.629 billion as March 2023 federation revenue to the federal, state, and local government councils and other relevant agencies in the country.

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

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

A breakdown of the figure showed that the federal government received N276.141 billion, states received N232.129 billion, local government councils got N95.243 billion, while the oil-producing states received N35.102 billion as derivation (13 per cent of Mineral Revenue).

“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,” the communique said.

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

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

The communiqué added that the gross statutory revenue of N638.673 billion was received for March 2023. This was higher than the N487.106 billion received in the previous month by N151.567 billion.

For March 2023, it said the gross revenue available from the Value Added Tax (VAT) was N218.786 billion, a figure lower than the N240.799 billion available in February 2023 by N22.013 billion.

The federal government received N30.404 billion, state governments received N101.347 billion and local government councils received N70.943 billion from the N202.693 billion distributable Value Added Tax (VAT) revenue.

Of the N14.488 billion Electronic Money Transfer Levy (EMTL), the federal government received N2.173 billion, the state governments received N7.244 billion and the local government councils received N5.071 billion.

According to the communiqué, in March 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, Electronic Money Transfer Levy(EMTL) increased remarkably while Value Added Tax (VAT) decreased considerably.