Federation account allocation committee (FAAC) distributes N655.93 billion among government tiers in April 2023
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Federation account allocation committee (FAAC) distributes N655.93 billion among government tiers in April 2023

The Federation Account Allocation Committee (FAAC) has announced the sharing of N655.93 billion among the federal, state, and local governments for the month of April 2023.

This figure represents a decrease of N58.69 billion compared to the previous month’s allocation of N714.62 billion.

The breakdown of the allocation reveals that the distributable revenue consists of N364.65 billion from statutory revenue, N202.76 billion from value-added tax (VAT), and N14.51 billion from the electronic money transfer levy (EMTL). Additionally, N50 billion was augmented from forex equalization revenue, and N24 billion from non-mineral revenue.

FAAC reported that deductions for the cost of collection amounted to N28.10 billion, while transfers and refunds deductions reached N120.28 billion in April 2023.

Of the total distributable revenue, the federal government received N248.80 billion, state governments obtained N218.30 billion, and local government councils were allocated N160.60 billion.

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Furthermore, N28.21 billion was shared among oil-producing states as 13 percent derivation revenue.

FAAC noted that the gross statutory revenue for April was N497.46 billion, a decrease of N141.21 billion compared to the previous month.

From the distributable statutory revenue, the federal government received N180.65 billion, state governments received N91.63 billion, and local governments received N70.64 billion. Additionally, N21.716 billion was allocated to relevant states as 13 percent derivation revenue.

Regarding VAT revenue, N217.74 billion was available, with the federal government receiving N30.41 billion, states receiving N101.38 billion, and local governments receiving N70.967 billion.

The FAAC reported a decrease in petroleum profit tax, companies’ income tax, oil and gas royalties, import and excise duties, and VAT, while the electronic money transfer levy showed a marginal increase.

The excess crude account (ECA) balance remained at $473,754.57, according to FAAC.