Friday, February 23, 2024

FAAC shares N715bn to FG, states, LGs

The Federation Account Allocation Committee says it shared N714.63bn among the three tiers of government in March 2023.

The figure represents a decrease of N8.05bn compared to the N722.68bn shared in February 2023.

FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Wednesday.

The total amount includes gross statutory revenue, Value Added Tax, and electronic money transfer levies.

The Federal Government received N276.14bn, the states received N232.13bn, and the local government councils got N171.26bn, while the oil-producing states received N35.1bn as derivation (13 per cent of mineral revenue).

It was also noted that the gross revenue available from the Value Added Tax for the month of March 2023 was N218.79bn, with the cost of collection taking N8.71bn, and the rest was shared among the Federal Government, States and Local Government Councils.

The breakdown showed “The remaining sum of N202.693bn was distributed to the three tiers of government of which the Federal Government got N30.404bn, the States received N101.347bn, Local Government Councils got N70.943bn.”

For the Gross Statutory Revenue, N638.67bn was received, with the sum of N22.04bn as the Cost of Collection and a total sum of N119.18bn for Transfers, Refunds and Consultancy fees.

The remaining balance of N497.45bn was shared with the Federal Government (N243.56 bn), States (N123.54bn), and LGCs got (N95.24bn), while Oil Derivation (13 per cent Mineral Revenue) got N35.10bn.

The communique added that the sum of N15.09bn from the electronic money transfer Levies was distributed to the three tiers of government.

The breakdown for EMTL showed “the Federal Government received N2.173bn, States got N7.244bn, Local Government Councils received N5.071bn and the sum of N0.604bn was allocated for Cost of Collection.”

It was noted that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, Electronic Money Transfer Levy increased, while Value Added Tax decreased.

It added, “The balance in the Excess Crude Account as at April 19, 2023 stands at $473,754.57.”

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