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The Federation Account Allocation Committee (FAAC) has shared a total sum of N714.629 billion as revenue from March to the three tiers of government: Federal, States and Local governments.
The N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, N202.693 billion from Value Added Tax and N14.488 billion from electronic money transfer levy.
N31.355 billion went to revenue generating agencies (except NNPCL) into the federation account as cost of revenue collection. And total deductions for transfers, refunds and consultancy fees was N126.567 billion, according to a statement that was issued by the Federal Ministry of Finance, Budget and National Planning on Wednesday.
The balance in the Excess Crude Account (ECA) was $473,754.57.
The communiqué issued at the end of the monthly FAAC meeting shows that from the total distributable revenue of N714.629 billion, Federal Government received N276.141 billion, State Governments received N232.129 billion and the Local Government Councils received N171.257 billion.
A total sum of N35.102 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N638.673 billion was received for the month of March 2023. This was higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
From the N497.448 billion distributable statutory revenue, the Federal Government received 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.
For the month of March 2023,, the gross revenue available from the VAT was N218.786 billion This was lower than the N240.799 billion available in the month of February 2023 by N22.013 billion.
The Federal Government received N30.404 billion, the State Governments received N101.347 billion and the Local Government Councils received N70.943 billion from the N202.693 billion distributable VAT revenue.
The N14.488 billion electronic transfers was shared as follows: the Federal Government received N2.173 billion, the State Governments received N7.244 billion and the Local Government Councils received N5.071 billion.
According to the communiqué, in the month of March 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, Electronic Money Transfer Levy(EMTL) increased remarkably while Value Added Tax (VAT) decreased considerably.
