Business

March 23, 2023

FAAC distributes N723bn to FG, States, LGs

FAAC shares N760b to FG, states, LGs

By Emma Ujah, Abuja Bureau Chief 

The Federation Account Allocation Committee (FAAC) has distributed the sum of N722.677 billion to the Federal, States and Local Governments from Federation revenue for the month of February. 

 

A statement from the FAAC giving the details said, “The N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion,   Electronic Money Transfer Levy(EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account.”

In February 2023,, the total deductions for cost of collection was N27.449 billion and total deductions for transfers, savings, recoveries and refunds was N109.909 billion.  

The balance in the Excess Crude Account (ECA) was $473,754.57

Out of the total distributable revenue of N722.677 billion; the Federal Government received N269.063 billion, the State Governments received N236.464 billion and the Local Government Councils received N173.936 billion.  

A total of N43.214 billion was shared to the oil producing States as 13% derivation revenue.   Gross statutory revenue of N487.106 billion was received for the month of under review.  

This was lower than the sum of N653.704 billion received in the previous month by N166.598 billion.    

From the N366.800 billion distributable statutory revenue, the Federal Government received N178.683 billion, the State Governments received N90.630 billion and the Local Government Councils received N69.872 billion. 

The sum of N27.614 billion was shared to the relevant States as 13% derivation revenue.    

The Federal Government received N33.635 billion, the State Governments received N112.116 billion and the Local Government Councils received N78.481 billion from the N224.232 billion distributable Value Added Tax (VAT) revenue.