Aduragbemi Omiyale
By Aduragbemi Omiyale
The sum of N750.17 billion has been allocated to the federal government, state governments, and local government councils for February.
The amount was part of the funds generated by the nation in January 2023 but shared this month to allow the beneficiaries, especially state governments and the councils, to pay the salaries of their workers.
In a statement issued after the monthly meeting of the Federation Account Allocation Committee (FAAC) in Abuja on Monday, it was disclosed that the money shared was lower than the N990.19 billion shared last month by N240.02 billion or 24.24 per cent.
The shortfall was attributed to the lower earnings from Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, EMTL, and Value Added Tax (VAT) despite a marginal rise in import and excise duties.
It was stated that the funds shared by the three tiers of government were from gross statutory revenue, VAT, Electronic Money Transfer Levies (EMTL), augmentation from non-mineral revenue, and an additional sum of N15.000 billion from savings.
It was disclosed that the federal government received N277.334 billion, the states received N244.975 billion, the local councils got N180.135 billion, while the mineral-producing states got N32.730 billion as 13 per cent derivation from mineral revenue.
A breakdown showed that the gross revenue available from VAT for the month was N250.009 billion compared with N250.512 billion distributed in the preceding month, while N10.000 billion was allocated to the cost of collection, with N7.200 billion given to transfers, savings, recoveries and refunds.
The leftover of N232.809 billion was shared, with the national government getting N34.921 billion, the states receiving N116.405 billion, and the councils getting N81.483 billion.
In the statement by FAAC, Nigeria generated N653.703 billion as gross statutory revenue versus the N1.136 trillion earned a month earlier, from which N23.494 billion was given as cost of collection and N241.091 billion to transfers, savings and refunds.
Business Post gathered that as of Monday, February 20, 2023, the balance in the Excess Crude Account stood at $473,754.57, the same amount it was since December 15, 2022.
