* Excess Crude Account balance now $473,754.57
Ndubuisi Francis in Abuja
The Federation Account Allocation Committee (FAAC) Thursday shared a total sum of N722.677 billion February revenue to the federal government, states and local government councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for March 2023.
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 a statement, the Director (Press and Public Relations), Ministry of Finance, Budget and National Planning, Bawa Mokwa, disclosed that in February, the total deductions for cost of collection was N27.449 billion, while total deductions for transfers, savings, recoveries and refunds was N109.909 billion.
He stated that from the total distributable revenue of N722.677 billion, the federal government received N269.063 billion, states got N236.464 billion, while the local government councils received N173.936 billion.
The sum of N43.214 billion was shared to the relevant states as 13 per cent derivation revenue.
Gross statutory revenue of N487.106 billion was received for the month of February, an amount that fell short of the 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, states received N90.630 billion and the local governments received N69.872 billion.
The sum of N27.614 billion was shared to the relevant states as 13 per cent derivation revenue.
For the month of February 2023, the gross revenue available from VAT was N240.799 billion, which was lower than the N250.009 billion available in the preceding month of January by N9.210 billion.
From this amount, the federal government received N33.635 billion, the state governments got N112.116 billion, while the local government councils received N78.481 billion from the N224.232 billion distributable VAT revenue.
Also, the N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed with the federal government getting N1.747 billion, states received N5.822 billion, and the local government councils received N4.076 billion.
From the N120.000 billion Augmentation, the federal government received N54.998 billion, the state governments received N27.896 billion, the local government councils received N21.506 billion and a total sum of N15.600 billion was shared to the relevant states as 13 per cent mineral revenue.
According to the statement, in the month of February, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties all decreased significantly, while VAT and EMTL decreased marginally.
The balance in the Excess Crude Account (ECA) stood at $473,754.57 as at March 22, 2023.
