ENUGU, Nigeria (VOICE OF NAIJA)- The Federation Account Allocation Committee (FAAC) has given N655.932 billion in revenue for April to the federal, state and local governments.
According to a statement by Bawa Mokwa, a spokesman for the office of the accountant of the federation (OAGF), this is contained in a communiqué issued at the end of the FAAC meeting for May 2023.
The communique states that the N655.932 billion total distributable revenue comprised distributable statutory revenue of N364.654 billion.
It said it also contained distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue and N24.000 billion augmentation from the Non-mineral revenue.
“In April 2023, the total deductions for the cost of collection were N28.108 billion, and total deductions for transfers and refunds was N120.287 billion,” the statement explained. “The balance in the Excess Crude Account (ECA) was $473.754 million.”
The communiqué said from the total distributable revenue of N655.932 billion. The federal government received N248.809 billion, the state governments received N218.307 billion, and the LGAs received N160.600 billion.
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“A total sum of N28.216 billion was shared to the relevant states as 13 per cent derivation revenue. Gross statutory revenue of N497.463 billion was received for the month of April,” it added. “This was lower than the sum of N638.673 billion received in the previous month by N141.210 billion.”
It said from the N364.654 billion distributable statutory revenue, the federal government received N180.659 billion, the state governments received N91.632 billion, and the LGAs received N70.647 billion.
“The sum of N21.716 billion was shared to the relevant states as 13 per cent derivation revenue. For the month of April 2023, the gross revenue available from VAT was N217.743 billion,” stated FAAC. “This was lower than the N218.786 billion available in the month of March 2023 by N1.043 billion.”
According to the communique, the federal government received N30.414 billion, the State governments received N101.381 billion, and the LGAs received N70.967 billion from the N202.762 billion distributable VAT revenue.
The federal government received N2.177 billion, the state governments N7.258 billion, and the LGAs N5.081 billion from the N14.516 billion EMTL.
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The three tiers of government also shared total revenue of N50 billion from forex equalisation, with the federal government receiving N22.916 billion, the state governments receiving N11.623 billion, and the LGAs receiving N8.961 billion. Some governments shared N6.5 billion as 13 per cent of mineral revenue.
From the N24 billion non-mineral revenue, the federal government received N12.643 billion, the state governments received N6.413 billion, and the LGAs received N4.944 billion.
In April 2023, petroleum profit tax (PPT), companies income tax (CIT), oil and gas royalties, import and excise duties, and VAT decreased considerably.
“Only EMTL increased, albeit marginally,” stated FAAC.