FAAC shares N723 b to FG, States, LGs »

The Federation Account Allocation Committee (FAAC) has shared the sum of N722.677 billion to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the FAAC meeting, in Abuja, yesterday.

According to the Communique sent to the media by the Director of Press and Public Relations of the Office of the Account-General of the Federation (OAGF), Mr. Bawa Mokwa, the funds came from Federation revenue for the month of February.

It said, “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 Equalisation Account.”

In February 2023,, the total deductions for cost of collection was N27.449 billion and total deductions for transfers, savings, recoveries and refunds was N109.909 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

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

A total of N43.214 billion was shared to the oil producing States as 13% derivation revenue.

Gross statutory revenue of N487.106 billion was received for the month of under review.

This was lower than the sum of N653.704 billion received in the previous month by N166.598 billion.

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

The sum of N27.614 billion was shared to the relevant States as 13% derivation revenue.

Value Added Tax (VAT) revenue stood at N240.799 billion This was lower than the N250.009 billion available in the month of January by N9.210 billion.

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

The N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.747 billion, the State Governments received N5.822 billion, the Local Government Councils received N4.076 billion.

From the N120.000 billion Augmentation, the Federal Government received N54.998 billion, the State Governments received N27.896 billion, the Local Government Councils received N21.506 billion and a total sum of N15.600 billion was shared to the relevant Sates as 13% mineral revenue.

According to the communiqué, in the month of February, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties all decreased significantly while Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) decreased marginally.