The Federation Account Allocation Committee (FAAC) has shared a total sum of N722.677 billion from the federation account revenue to the federal, state and local governments in February this year.
The communiqué issued at the end of the FAAC meeting for March 2023 indicated that the N722.677 billion total distributable revenue comprised statutory revenue of N366.800 billion, 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.
During the month in review, total deductions for cost of collection was N27.449 billion, deductions for transfers, savings, recoveries and refunds was N109.909 billion while the Excess Crude Account (ECA) balance stood at $473,754.57
The communiqué reflected that from the total distributable revenue of N722.677 billion; the Federal Government received N269.063 billion, the state governments got N236.464 billion and the local government councils received N173.936 billion. Also, it showed that a total sum of N43.214 billion was shared to the relevant States as 13% derivation revenue.
The FAAC reported that the Gross statutory revenue of N487.106 billion was generated in the month, lower than the sum of N653.704 billion collected in January by N166.598 billion.
According to the committee, from the N366.800 billion distributable statutory revenue, the Federal Government received N178.683 billion, the state governments received N90.630 billion,the local government councils got N69.872 billion while N27.614 billion was shared to the mineral producing states as 13% derivation revenue.
For the month under review, 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.
From the N11.645 billion Electronic Money Transfer Levy (EMTL), the Federal Government got N1.747 billion compared to the state governments’ N5.822 billion just as 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 states as 13% mineral revenue.
The FAAC further disclosed that 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) slightly decreased.
