The Federal Accounts Allocation Commission (FAAC) distributed federal revenue totalling N714.629 billion in March 2023 to the federal, state and local governments and other relevant agencies of the country.
This was announced in a communiqué issued at the end of the April 2023 FAAC meeting. The amount includes statutory gross income, VAT, capital gains and e-money transfer taxes.
The breakdown of figures showed that the federal government received N27.6141 billion, states N23.2129 billion, local governments N9.5243 billion and oil-producing states N3.5102 billion in derivatives (13 per cent of the mineral income).
“The N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax (VAT) revenue of N202.693 billion and Electronic Money Transfer Levy(EMTL) of N14.488 billion,” the communique said.
In March 2023, it said the total deductions for the cost of collection was N31.355 billion. Furthermore, total deductions for transfers, refunds, and consultancy fees were N126.567 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57.
The communiqué added that the gross statutory revenue of N638.673 billion was received for March 2023. This was higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
For March 2023, it said the gross revenue available from the Value Added Tax (VAT) was N218.786 billion. This is a figure lower than the N240.799 billion available in February 2023 by N22.013 billion.
The federal government received N30.404 billion, the state governments received N101.347 billion. However, the local government councils received N70.943 billion from the N202.693 billion distributable Value Added Tax (VAT) revenue.
Of the N14.488 billion Electronic Money Transfer Levy (EMTL), the federal government received N2.173 billion, the state governments received N7.244 billion and the local government councils received N5.071 billion.
According to the communiqué, in March 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Electronic Money Transfer Levy(EMTL) increased remarkably while Value Added Tax (VAT) decreased considerably.
cc: Premium Times Ng
