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The Federation Account Allocation Committee (FAAC) has said that it shared the sum of N655.93 billion among the three tiers of government in April 2023.
The figure represents a decrease of N58.7 billion compared to the N714.63 billion shared in March.
FAAC made this known in a statement issued on Thursday, May 18.
The total amount includes gross statutory revenue, Value Added Tax (VAT), augmentations from forex and non-oil mineral revenue, and electronic money transfer levies.
The federal government received N248.81 billion, the states received N218.31 billion, and the local government councils got N160.6 billion, while the oil-producing states received N28.22 billion as derivation fund (13 percent of mineral revenue).
Also, the gross revenue available from the VAT for the month of April was N217.74 billion, with the cost of collection taking N8.71 billion, and the rest was shared among the federal government, states and local government areas.
For the gross statutory revenue, N497.46 billion was received, with the sum of N18.79bn as the cost of collection and a total sum of N114.02 billion for transfers, refunds and consultancy fees.
The remaining balance of N364.65 billion was shared with the federal government (N180.66 billion), states (N91.63 billion), and local government councils got (N70.65 billion), while oil derivation (13 percent mineral revenue) got N21.72 billion.
The FAAC added that the sum of N15.12 billion from the electronic money transfer levies was distributed to the three tiers of government.
In addition, petroleum profit tax, companies income tax, oil and gas royalties, import and excise duties and VAT all decreased considerably in April.
Source: TheStreetJournal | Read More
