For the month of April 2023, the Federation Account Allocation Committee (FAAC) has allocated a total of N655,932 billion to the federal, state, and local administrations as federation allocation.
The N655.932 billion in total distributable revenue was comprised of N364.654 billion in distributable statutory revenue, N202.762 billion in distributable Value Added Tax (VAT) revenue, N14.516 billion in Electronic Money Transfer Levy (EMTL) revenue, N50 billion in supplementary Forex Equalisation revenue, and N24 billion in supplementary Non-mineral revenue.
The federal government received N248.809 billion, states received N218.307 billion, and local governments received N160.600 billion from the distributable revenue.
Under the Derivation Principle, the oil producing states received N28,216 billion as 13 percent mineral revenue.
Yesterday, the Ministry of Finance, Budget and National Planning and the Office of the Accountant General of the Federation (OAGF) issued separate statements citing a communiqué issued after the FAAC meeting in Abuja.
According to the statement, the Gross Revenue available from VAT for April 2023 was N217.743 billion, a decrease compared to the amount distributed in March.
From this amount, N8.710 billion was allocated for collection costs, while N6.271 billion was allocated for transfers and refunds.
The remainder of N202.762 billion was allocated to the three levels of government, with the federal government receiving N30.41 billion, the states receiving N101.38 billion, and local government councils receiving N70.967 billion.
Accordingly, the Gross Statutory Revenue received for the month of N497.463 billion was less than the amount of N638.673 billion received in March 2023.
From the amount, N18,793 billion was allocated for Costs of Collection and N114,016 billion was allocated for Transfers and Refunds.
The balance of N364.654 billion was distributed as follows: N180.65 billion to the federal government, N91.63 billion to the states, N70.647 billion to local governments, and N21.716 billion to 13 percent oil derivation.
The sum of N15,121 billion was also distributed to the three levels of government by Electronic EMTL.
The federal government received N2.177 billion, the states received N7.258 billion, local governments received N5.081 billion, and N0.605 billion was allocated to Costs of Collection.
A total of N50 billion was allocated for Forex Equalisation, of which N22.916 billion went to the federal government, N11.623 billion to the states, and N8.964 billion to local councils, while N6,500 billion was allocated for 13 percent of Mineral Revenue.
During the reference month, the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Value-Added-Tax (VAT) decreased significantly, according to the statements, while EMTL increased marginally.
The Excess Crude Account (ECA) has a balance of $473,754.57 as of May 18, 2023.
