The Federation Account Allocation Committee (FAAC) has shared ₦655.932 billion as of April 2023 Federation Account Revenue to the federal, state, and local governments.
This was contained in a communiqué issued at the end of the FAAC meeting for May 2023, according to a statement by its Director, Press and Public Relations, Stephen Kilebi.
The amount includes gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue.
“The Federal Government received ₦248.809 billion, the states received ₦218.307 billion, the local government councils got ₦160.600 billion, while the oil producing states received ₦28.216 billion as derivation, (13% of mineral revenue),” the statement read.
According to the communique, the gross revenue available from VAT for April 2023, was ₦217.743 billion, which was a decrease from the amount distributed in the preceding month.
“From that amount, the sum of ₦8.710 billion was allocated for costs of collection, and the sum of ₦6.271 was given for transfers and refunds. The remaining sum of ₦202.762 billion was distributed to the three tiers of government of which the Federal Government got ₦30.414 billion, the states received ₦101.381 billion, and local government councils got ₦70.967 billion.
“Accordingly, the gross statutory revenue of ₦497.463 billion received for the month was lower than the sum of ₦638.673 billion received in the previous month of March 2023. From that amount, the sum of ₦18.793 billion was given for the costs of collection and a total sum of ₦114.016 billion for transfers and refunds. The remaining balance of ₦364.654 billion was distributed as follows: Federal Government was allocated the sum of ₦180.659 billion, states got ₦91.632 billion, LGCs got ₦70.647 billion, and oil derivation (13% mineral revenue) got ₦21.716 billion.
“Also, the sum of ₦15.121 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received ₦2.177 billion, states got ₦7.258 billion, local government councils received ₦5.081 billion and the sum of ₦0.605 billion was allocated to costs of collection.”
