The Federation Account Allocation Committee (FAAC) has shared a total sum of N714.629 billion March 2023 Federation Account Revenue to the Federal, States and Local Governments.
This is contained in a communiqué issued at the end of April 2023 FAAC’s meeting.
Bawa S. Mokwa, Director (Press and Public Relations) Office of the Accountant General of the Federation said in a statement issued on Wednesday that “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 him, in March 2023, the total deductions for cost of collection was N31.355 billion and total deductions for transfers, refunds and consultancy fees was N126.567 billion.
He said the balance in the Excess Crude Account (ECA) was $473,754.57.
The communiqué stated that from the total distributable revenue of N714.629 billion, the Federal Government received N276.141 billion, the State Governments got N232.129 billion and the Local Government Councils went home with N171.257 billion, while a total sum of N35.102 billion was shared to the relevant States as 13 percent derivation revenue.
Gross statutory revenue of N638.673 billion was received for the month of March 2023; and this is higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
From the N497.448 billion distributable statutory revenue, the Federal Government got N243.564 billion, the State Governments received N123.539 billion and the Local Government Councils received N95.243 billion.
“The sum of N35.102 billion was shared to the relevant States as 13% derivation revenue”, Mr. Mokwa further stated.
For the month of March 2023,, the gross revenue available from the Value Added Tax (VAT) was N218.786 billion This is lower than the N240.799 billion available in the month of February 2023 by N22.013 billion.
The Federal Government received N30.404 billion, the State Governments got N101.347 billion and the Local Government Councils received N70.943 billion from the N202.693 billion distributable Value Added Tax (VAT) revenue.
The N14.488 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.173 billion, the State Governments pocketed N7.244 billion and the Local Government Councils got N5.071 billion.
According to the communiqué, in the month of 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.
