The Federation Account Allocation Committee (FAAC) reported on Thursday that it shared a total sum of N655.932 billion in April 2023 from Federation Account revenue to the three tiers of government even as it stated that Excess Crude Account (ECA) dropped to $473,754.57 as of the date of its meeting in May this year.
The committee gave these figures in the communiqué issued at the end of the May meeting.
It disclosed that the N655.932 billion distributed revenue comprised distributable statutory revenue of N364.654 billion, distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50 billion augmentation from Forex Equalization revenue and N24 billion augmentation from the non-mineral revenue.
The FAAC also reported that in the month of April, the total deductions for cost of collection totaled N28.108 billion while total deductions for transfers and refunds stood at N120.287 billion.
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It also indicated in the communiqué that the balance in the Excess Crude Account (ECA) dropped to $473,754.57
The communiqué reflected that from the total distributable revenue of N655.932 billion; the Federal Government got N248.809 billion, the State Governments received N218.307 billion, the Local Government Councils got a share of N160.600 billion while N28.216 billion was shared to the relevant states as 13% derivation revenue.
The FAAC stated that the gross statutory revenue of N497.463 billion was generated in April, representing N141.210 billion lower than the N638.673 billion collected in March 2023.
From the N364.654 billion distributable statutory revenue, the Federal Government received N180.659 billion, the State Governments received N91.632 billion and the Local Government Councils received N70.647 billion. The sum of N21.716 billion was shared to the relevant States as 13% derivation revenue.
In the month under review, the committee reported that the gross revenue available from the Value Added Tax (VAT) totalled N217.743 billion, representing about N1.043 billion lower than the N218.786 billion generated in the preceding month.
The Federal Government received N30.414 billion, the State Governments received N101.381 billion and the Local Government Councils received N70.967 billion from the N202.762 billion distributable Value Added Tax (VAT) revenue.
Also, from the N14.516 billion Electronic Money Transfer Levy (EMTL) the Federal Government got N2.177 billion, the State Governments had N7.258 billion as share compared to the Local Government Councils’ N5.081 billion.
The committee stated that out of total revenue of N50 billion from Forex Equalization the Federal Government received N22.916 billion, the states got N11.623 billion, the Local Governments received N8.961 billion while the sum of N6.5 billion was shared to the relevant states as 13% mineral derivation revenue.
From the N24 billion non-mineral revenue, the FAAC disclosed that the Federal Government got N12.643 billion, the State Governments received N6.413 billion and the Local Government Councils got N4.944 billion
The communiqué further indicated that in the month under review, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Value Added Tax (VAT) all decreased considerably. Only Electronic Money Transfer Levy (EMTL) marginally increased.
