FG, states, LGs share N714.629bn March FAAC revenue

The Federation Account Allocation Committee has shared a total sum of N714.629 billion as March 2023 Federation Account Revenue to the federal, state and local governments.

This is contained in a communiqué issued at the end of April 2023 FAAC’s meeting.

The amount includes gross statutory revenue, value-added tax, exchange gain, and electronic money transfer levies.

The Federal Government received N276.141 billion, state governments received N232.129 billion while local governments got N171.257 billion, and a total sum of N35.102 billion was shared to the relevant states as 13 per cent derivation revenue.

The Director, Press and Public Relations Office of the Accountant General of the Federation, Bawa S. Mokwa disclosed this in a statement on Wednesday.

According to him, the entire distributable revenue of N714.629 billion was made up of distributable statutory revenue of N497.448 billion, distributable value-added tax revenue of N202.693 billion, and distributable electronic money transfer levy of N14.488 billion.

He stated that in March 2023, there were N31.355 billion in total deductions for the cost of collection and N126.567 billion in total deductions for transfers, refunds, and consulting fees.

The Value Added Tax has a gross revenue potential of N218.786 billion in March 2023. This is N22.013 billion less than the N240.799 billion that will be available in February 2023.

From the N202.693 billion distributable Value Added Tax revenue, the federal government received N30.404 billion, the state governments received N101.347 billion, and the LGAs received N70.943 billion.

According to Mokwa, the Excess Crude Account has a balance of $473,754.57.

According to a further breakdown of the number, gross statutory revenue of N638.673 billion was collected for March 2023, which is N151.567 billion more than the total of N487.106 billion obtained the month prior.

The statement further stated that out of the N497.448 billion in distributable statutory revenue, N243.564 billion went to the federal government, N123.539 billion to the states, and N95.243 billion to local government councils.

The relevant States received a part of N35.102 billion (13% of the total) as derivation revenue.

A total of N14.488 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.173 billion, the state governments received N7.244 billion and the LGA got N5.071 billion.

The communiqué added that in March 2023, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and Electronic Money Transfer Levy increased remarkably while Value Added Tax decreased considera