FG, states, local govts share N655.9bn FAAC revenue
The Federation Account Allocation Committee (FAAC) has shared N655.932 billion as of April 2023 Federation Account Revenue to the federal, state, and local governments.
This was contained in a communiqué issued at the end of the FAAC meeting for May 2023, according to a statement by its Director, Press and Public Relations, Stephen Kilebi.
The amount includes gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue.
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“The Federal Government received N248.809 billion, the states received N218.307 billion, the local government councils got N160.600 billion, while the oil producing states received N28.216 billion as derivation, (13% of mineral revenue),” the statement read.
According to the communique, the gross revenue available from VAT for April 2023, was N217.743 billion, which was a decrease from the amount distributed in the preceding month.
“From that amount, the sum of N8.710 billion was allocated for costs of collection, and the sum of N6.271 was given for transfers and refunds. The remaining sum of N202.762 billion was distributed to the three tiers of government of which the Federal Government got N30.414 billion, the states received N101.381 billion, and local government councils got N70.967 billion.
“Accordingly, the gross statutory revenue of N497.463 billion received for the month was lower than the sum of N638.673 billion received in the previous month of March 2023. From that amount, the sum of N18.793 billion was given for the costs of collection and a total sum of N114.016 billion for transfers and refunds. The remaining balance of N364.654 billion was distributed as follows: Federal Government was allocated the sum of N180.659 billion, states got N91.632 billion, LGCs got N70.647 billion, and oil derivation (13% mineral revenue) got N21.716 billion.
“Also, the sum of N15.121 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.177 billion, states got N7.258 billion, local government councils received N5.081 billion and the sum of N0.605 billion was allocated to costs of collection.”