FAAC Allocation to FG, States, Others Drop 1.1% to N714.629bn for April

April 20, 2023
FAAC allocation

By Adedapo Adesanya

The Federation Account Allocation Committee (FAAC) shared N714.629 billion to the three tiers of government — the federal government, 36 states, and the 774 local government areas (LGAs) —in Abuja on Wednesday for April 2023.

This is 1.1 per cent lower than the N722.677 billion FAAC allocation disbursed to the three tiers of government and other agencies for March 2023.

In a communiqué issued at the end of the FAAC meeting for April, signed by its spokesman, Mr Stephen Kilebi, FAAC stated 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 central government received N276.141 billion, the 36 states of the federation received N232.129 billion, while the 774 local government councils got N171.257 billion, with the oil-producing states getting N35.102 billion as Derivation Fund (13 per cent of Mineral Revenue).

It was revealed that VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February.

Mr Kilebi added that from the VAT collected, N8.707 billion was allocated to the cost of collection, and N7.386 billion was paid on transfers, refunds and consultancy fees.

The statement that of the balance of N202.693 billion, the federal government got N30.404 billion, states got N101.347 billion, and local councils got N70.943 billion.

He added that gross statutory revenue collected in March was N638.673 billion, an increase over the collection level in February, noting that of the revenue collected, N22.044 billion was paid as the cost of collection and N119.181 billion paid on transfers, refunds and consultancy fees.

Mr Kilebi added that of the balance of N497.448 billion, the Federal Government got N243.564 billion; states got N123.539 billion, and local councils got N95.243 billion.

Oil Derivation (13 per cent Mineral Revenue) got N35.102 billion. Also, N15.092 billion from EMTL was distributed to the three tiers of government.

The federal government received N2.173 billion; states got N7.244 billion, local councils got N5.071 billion, and the cost of collection was N0.604 billion.

He added that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and EMTL all increased remarkably in March, while VAT decreased considerably.

It was revealed the balance in the Excess Crude Account (ECA) as of April 19 stood at $473,754.57. This showed no difference from the balance in the excess crude account (ECA), which was also at $473,754.57, according to the communique of March 22.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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