FAAC shares N655.9bn to FG, states, LGs for April

The Federation Account Allocation Committee (FAAC) has shared a total sum of N655.932 billion to the three tiers of government as federation allocation for the month of April 2023.

The Federal Government received N248.809 billion, the State Governments received N218.307 billion, while the Local Government Councils received N160.600 billion.

This was contained in a communique issued at the end of the FAAC meeting for May 2023, a copy of which was made available to The Star on Thursday, May 18.

It stated that a total sum of N28.216 billion was shared to the relevant states as 13 per cent derivation revenue.

The FAAC noted that the N655.932 billion total distributable 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.

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It disclosed that in April 2023, the total deductions for cost of collection was N28.108 billion, while the total deductions for transfers and refunds was N120.287 billion.

The FAAC said the balance in the Excess Crude Account (ECA) was $473,754.57

The committee noted that Gross statutory revenue of N497.463 billion was received for the month of April 2023, saying this was lower than the sum of N638.673 billion received in the previous month by N141.210 billion.

The FAAC disclosed that from the N364.654 billion distributable statutory revenue, the Federal Government received N180.659 billion, the State Governments received N91.632 billion, while the Local Government Councils received N70.647 billion.

It added that the sum of N21.716 billion was shared to the relevant states as 13 per cent derivation revenue.

The committee said the gross revenue available from the Value Added Tax (VAT) was N217.743 billion for the month of April, noting that this was lower than the N218.786 billion available in March 2023 by N1.043 billion.

The FAAC said the Federal Government received N30.414 billion, the State Governments received N101.381 billion, while the Local Government Councils received N70.967 billion from the N202.762 billion distributable Value Added Tax (VAT) revenue.

It added: “The N14.516 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.177 billion, the State Governments received N7.258 billion and the Local Government Councils received N5.081 billion.

“The total revenue of N50.000 billion from Forex Equalization was shared thus: the Federal Government received N22.916 billion, the State Governments received N11.623 billion, the Local Government Councils received N8.961 billion and the sum of N6.500 billion was shared to the relevant States as 13 percent mineral revenue.

“From the N24.000 billion Non-mineral revenue, the Federal Government received N12.643 billion, the State Governments received N6.413 billion and the Local Government Councils received N4.944 billion.”

The FAAC stated that the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Value Added Tax (VAT) decreased considerably, noting that only Electronic Money Transfer Levy (EMTL) increased albeit marginally.

The Star