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Adetutu Sobowale
The Federation Account Allocation Committee (FAAC) said it has shared N714.629 billion to the three tiers of government as federation allocation for March 2023.
In a statement issued by the FAAC spokesperson, Stephen Kilebi, on Wednesday, the committee said that the money shared covered Gross Statutory Revenue of N497.448 billion, Value Added Tax (VAT) of N202.693 billion, and Electronic Money Transfer Levy (EMTL) of N14.488 billion.
“Out of the money, the Federal Government received N276.141 billion, the 36 states of the federation received N232.129 billion, and the 774 local government councils got N171.257 billion.
“Oil-producing states got an additional N35.102 billion as a Derivation Fund (13 percent of Mineral Revenue).
“Kilebi stated that VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February,” Kilebi stated
“From the VAT collected, N8.707 billion was allocated to the cost of collection, and N7.386 was paid on transfers, refunds, and consultancy fees.” He added
Kilebi pointed out that out of the remaining N202.693 billion, the Federal Government received N30.404 billion, while states and local councils received N101.347 billion and N70.943 billion, respectively.
According to the spokesperson for FAAC, the gross statutory revenue collected in March amounted to N638.673 billion, which was higher than the collection amount in February.
Kilebi also disclosed that N22.044 billion was spent on collection costs, and N119.181 billion was spent on transfers, refunds, and consultancy fees, leaving a balance of N497.448 billion.
He stated that out of this balance, the Federal Government received N243.564 billion, while states and local councils received N123.539 billion and N95.243 billion, respectively.
“Oil Derivation (13 percent Mineral Revenue) got N35.102 billion.
“Also, N15.092 billion from EMTL was distributed to the three tiers of government.” He said
Kilebi revealed that N2.173 billion was received by the Federal Government, while states and local councils received N7.244 billion and N5.071 billion, respectively.
He mentioned that the cost of collection amounted to N0.604 billion, and there was a significant increase in the collection of Petroleum Profit Tax, Companies’ Income Tax, Oil and Gas Royalties, Import and Excise Duties, and EMTL in March. However, there was a considerable decrease in VAT.
Kilebi also stated that the Excess Crude Account had a balance of $473,754.57 as of April 19th.
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