FAAC shares N723 b to FG, States, LGs

The Federal Government, States, and Local Government Councils have each received N722.677 billion from the Federation Account Allocation Committee (FAAC).

This was stated in the communiqué that was released following yesterday’s FAAC meeting in Abuja.

The monies came from the Federation’s February revenue, according to the communiqué that Mr. Bawa Mokwa, Director of Press and Public Affairs for the Office of the Account-General of the Federation (OAGF), gave to the media.

The N722.677 billion total distributable revenue was broken down as follows: “The N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion, electronic money transfer levy (EMTL) of N11.645 billion, and N120.000 billion augmentation from Forex Equalization Account.

Deductions for transfers, savings, recoveries, and refunds totaled N109.909 billion in February 2023, while deductions for cost of collection totaled N27.449 billion.

The Excess Crude Account (ECA) has a balance of $473,754.57.

The Federal Government received N269.063 billion, the State Governments N236.464 billion, and the Local Government Councils N173.936 billion out of the total distributable revenue of N722.677 billion.

The oil-producing States received a total of N43.214 billion as a 13% derivation revenue share.

For the month under review, gross statutory income of N487.106 billion was received.
This was N166.598 billion less than the total of N653.704 billion that was received in the previous month.

The Federal Government collected N178.683 billion, the State Governments N90.630 billion, and the Local Government Councils N69.872 billion from the N366.800 billion distributable statutory revenue.

The relevant States received a total of N27.614 billion as a 13% derivation revenue share.

Revenue from Value Added Tax (VAT) was N240.799 billion. This was N9.210 billion less than the N250.009 billion that was made accessible in January.

With the N224.232 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N33.635 billion, the State Governments received N112.116 billion, and the Local Government Councils received N78.481 billion.