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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
He said, “The N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax revenue of N202.693 billion and Electronic Money Transfer Levy of N14.488 billion”.
He noted that, in March 2023, the total deductions for the cost of collection was N31.355 billion and the total deductions for transfers, refunds and consultancy fees was N126.567 billion.
In March 2023, the gross revenue available from the Value Added Tax was N218.786 billion. This is lower than the N240.799 billion available in February 2023 by N22.013 billion.
The federal government received N30.404 billion, the state governments received N101.347 billion and the LGAs received N70.943 billion from the N202.693 billion distributable Value Added Tax revenue.
Mokwa added that the balance in the Excess Crude Account was $473,754.57.
A further breakdown of the figure indicated that gross statutory revenue of N638.673 billion was received for March 2023, and this is higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
The communique added that N497.448 billion was distributable statutory revenue, the Federal Government got N243.564 billion, the State Governments received N123.539 billion and the Local Government Councils received N95.243 billion.
The sum of N35.102 billion was shared to the relevant States as 13% 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 considerably.
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