FAAC distributes N714.629 billion to FG, states, LGAs as revenue allocation

FAAC distributes N714.629 billion to FG, states, LGAs as revenue allocation

The Federation Account Allocation Committee (FAAC) has distributed N714.629 billion to the three tiers of government as revenue allocation for March 2023.

The amount includes gross statutory revenue, value-added tax, exchange gain, and levies from electronic money transfer, according to Bawa S. Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, who disclosed this in a statement issued at the end of the committee meeting in Abuja, Nigeria’s capital.

He said the Federal Government received N276.141 billion, state governments got N232.129 billion and local councils parted with N171.257 billion.

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He added that a total sum of N35.102 billion was shared with the relevant states as 13 percent oil derivation revenue.

Mokwa said: “The N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax revenue of N202.693 billion, and Electronic Money Transfer Levy of N14.488 billion.

“In March, the total deduction for the cost of collection was N31.355 billion and the total deduction for transfers, refunds, and consultancy fees was N126.567 billion.

“The gross revenue available from the Value Added Tax was N218.786 billion. This is lower than the N240.799 billion available in February 2023 by N22.013 billion.

“The federal government received N30.404 billion, the state governments got N101.347 billion and the LGAs collected N70.943 billion from the N202.693 billion distributable Value Added Tax revenue.

“The balance in the Excess Crude Account was $473,754.57.”

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