FAAC: Federal Govt Records N141.21bn Drop In Revenue, Share N655.9bn For April

The Federation Account Allocation Committee (FAAC), at its meeting yesterday approved the disbursement of N655.932 billion to the three tiers of government as revenue that was generated in the month of April, 2023.

The money is inclusive of gross statutory revenue, Value Added Tax (VAT), electronic money transfer levy, augmentations from forex and non-oil mineral revenue.

According to the statement that was issued by the ministry of finance yesterday, gross statutory revenue of N497.463 billion received for the month was lower than the sum of N638.673 billion received in the previous month of March, 2023.

The communique issued by FAAC at the end of the meeting indicated that the gross revenue available from the VAT for April 2023, was N217.743 billion, which was a decrease from the amount distributed in the preceding month.

The balance in the Excess Crude Account (ECA) as at May 18, 2023 stands at $473,754.57.

From the total revenue for the month, the federal government received N248.809 billion, the states received N218.307 billion, the local government area got N160.600 billion, while the oil producing States received N28.216 billion as Derivation, (13 percent of mineral revenue).

From that amount, the sum of N8.710 billion was allocated for costs of collection and the sum of N6.271 given for Transfers and Refunds. The remaining sum of N202.762 billion was distributed to the three tiers of government of which the federal government got N30.414 billion, the States received N101.381 billion, and the local governments got N70.967 billion.

From the N497.463 billion gross revenue, the sum of N18.793 billion was given to revenue generating agencies for costs of collection and a total sum of N114.016 billion for transfers and refunds.

The remaining balance of N364.654 billion was distributed as follows: federal government was allocated the sum of N180.659 billion, States got N91.632 billion, LGAs got N70.647 billion, and oil derivation (13 percent mineral revenue) got N21.716 billion.

Also, the sum of N15.121 billion from electronic money transfer levy was distributed to the three tiers of government as follows: the federal government received N2.177 billion, states got N7.258 billion, LGAs received N5.081 billion and the sum of N0.605 billion was allocated to costs of collection.

The communique disclosed an augmentation N50.000 billion from forex equalization, which was shared as follows; federal government received N22.916 billion, the States got N11.623 billion, the sum of N8.961 billion allocated to LGAs, while the sum of N6.500 billion given to derivation (13 percent mineral revenue).

Also, N24.000 billion Augmentation from non-mineral revenue was shared accordingly. The federal government got N12.643 billion, the states received N6.413 billion, while the LGAs got N4.944 billion.

Petroleum profit tax, companies income tax, oil and gas royalties, import and excise duties and VAT all decreased considerably, only electronic money transfer increased marginally.

Details of the communique, the total revenue distributable for the current month of April, was drawn from Statutory Revenue of N364.654 billion, Value Added Tax (VAT) of N202.762 billion, N14.516 billion from money transfer levy, N50.000 billion augmentation from forex equalization and non-oil mineral revenue of N24.000 billion bringing the total distributable amount for the month of April, 2023 to N655.932 billion.