The Federation Account Allocation Committee (FAAC), at its Meeting on Tuesday shared a total sum of N714.629 billion to three tiers of government as Federation Allocation for the month of March, 2023.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL), the Federal Government received N276.141 billion.
The States received N232.129 billion and the Local Government Councils got N171.257 billion, while the Oil Producing States received N35.102 billion as Derivation, (13% of Mineral Revenue).
The Communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for March 2023, was N218.786 billion, which was a decrease from amount distributed in the preceding month.
From that amount, the sum of N8.707 billion was allocated for Cost of Collection and the sum of N7.386 given for Transfers, Refunds and Consultancy fees.
The remaining sum of N202.693 billion was distributed to the three tiers of government of which the Federal Government got N30.404 billion, the States received N101.347 billion, Local Government Councils got N70.943 billion.
According to the statement released from Finance Ministry, the Gross Statutory Revenue of N638.673 billion received for the month was higher than the sum received in the previous month of February, 2023.
From that amount, the sum of N22.044 billion was given for Cost of Collection and a total sum of N119.181 billion for Transfers, Refunds and Consultancy fees.
The remaining balance of N497.448 billion was distributed as follows: Federal Government was allocated the sum of N243.564 billion, States got N123.539 billion, LGCs got N95.243 billion, and Oil Derivation (13% Mineral Revenue) got N35.102 billion.
Also, the sum of N15.092 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.173 billion, States got N7.244 billion, Local Government Councils received N5.071 billion and the sum of N0.604 billion was allocated for Cost of Collection.
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.
According to the Communiqué, the total revenue distributable for the current month of March, was drawn from Statutory Revenue of N497.448 billion, Value Added Tax (VAT) of N202.693 billion and N14.488 billion from Electronic Money Transfer Levy (EMTL), bringing total distributable amount for the month of March, 2023 to N714.629 billion.
The balance in the Excess Crude Account (ECA) as at April 19, 2023 stands at $473,754.57.