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FAAC: FG, states, LGAs shared N655bn in April — down by N58bn

A wad of the new naira notes A wad of the new naira notes

The federation account allocation committee (FAAC) says it shared N655.93 billion among the three tiers of government in April 2023.

Details of the disbursement were contained in a communiqué issued at the end of the committee’s meeting for May 2023 in Abuja on Thursday.

The figure shows a decrease of N58.69 billion compared to the N714.62 billion shared in March.

The committee said the N655.93 billion total distributable revenue is comprised of distributable statutory revenue of N364.65 billion, distributable value-added tax (VAT) sum of N202.76 billion, and electronic money transfer levy (EMTL) of N14.51 billion.

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According to the communique, the total amount also includes N50 billion augmentation from forex equalisation revenue, and N24 billion augmentation from non-mineral revenue.

FAAC said in April 2023, total deductions for the cost of collection was N28.10 billion, and total deductions for transfers and refunds was N120.28 billion.

From the total distributable revenue of N655.93 billion, the committee said the federal government received N248.80 billion, state governments got N218.30 billion, and the local government councils were given N160.60 billion.

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A total sum of N28.21 billion was shared with oil-producing states as 13 percent derivation revenue.

FAAC also said the gross statutory revenue available for April was N497.46 billion.

This, it said, was lower than the sum of N638.67 billion received in the previous month by N141.21 billion.

The committee added that from the N364.65 billion distributable statutory revenue; N180.65 billion went to the federal government, and the state governments got N91.63 billion.

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While N70.64 billion was allocated to the local governments, the sum of N21.716 billion was shared to the relevant states as 13 percent derivation revenue.

Meanwhile, the gross revenue available from VAT was N217.74 billion for the month under review. This is lower than the amount generated from VAT in the previous month.

FAAC said out of the distributable VAT revenue of N202.76 billion, the federal government received N30.41 billion, states got N101.38 billion, and the local governments took N70.967 billion.

In addition, from the N14.51 billion EMTL, the federal government got N2.177 billion; N7.258 billion was given to the state governments, and the local governments received N5.081 billion.

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According to FAAC, petroleum profit tax (PPT), companies’ income tax (CIT), oil and gas royalties, import and excise duties, and  VAT decreased considerably, while EMTL increased marginally.

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

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