FAAC Disburses N655.9bn April Revenue to FG, States, LGs

Ndubuisi Francis in Abuja

The Federation Account Allocation Committee (FAAC) has shared a total sum of N655.932 billion to the federal, state and local governments as federation allocation for the month of April, 2023.

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 Equalisation revenue and N24 billion augmentation from the Non-mineral revenue.  

From the distributable revenue, the federal government received N248.809 billion, states received N218.307 billion, while the local governments got N160.600 billion.

The oil producing states received N28.216 billion as 13 per cent mineral revenue under the Derivation Principle.
Separate statements from the Ministry of Finance, Budget and National Planning and the Office of the Accountant General of the Federation (OAGF) cited a communique issued after the FAAC meeting in Abuja, yesterday.

According to the statement, the Gross Revenue available from the VAT) for April 2023 was N217.743 billion, a decrease from the amount distributed in the preceding month of March.

From that amount, the sum of N8.710 billion was allocated for costs of collection with N6.271 going 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, 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 the amount, the sum of N18.793 billion was given for Costs of Collection and a total sum of N114.016 billion for Transfers and Refunds.
The balance of  N364.654 billion was distributed with the federal government getting N180.659 billion, states received N91.632 billion, Local governments got N70.647 billion, and 13 per cent oil derivation accounted for N21.716 billion.

The sum of N15.121 billion from Electronic EMTL was also distributed to the three tiers of government.
The federal government received N2.177 billion, states got N7.258 billion, local  councils received N5.081 billion, and the sum of N0.605 billion was allocated to Costs of Collection.

A sum of N50 billion  Augmentation N50.000 billion from Forex Equalization, which saw the sharing ratio of N22.916 billion for the federal government, N11.623 billion for the states  and N8.961 billion allocated to local councils, while the sum of N6.500 billion was for 13 per cent  Mineral Revenue.

Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties and VAT decreased considerably during the reference month, the statements said  adding that only  EMTL  increased  though marginally.
The balance in the Excess Crude Account (ECA) as at May 18, 2023 stands at $473,754.57.