… Allocation reduces by N27.493bn
The Federation Account Allocation Committee said it has shared N722.677 billion among the three tiers of government in February 2023.
The figure represents a further decrease of N27.493bn compared to N750.17bn shared in January and N267.513 to N990.19bn shared in December 2022.
FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Wednesday.
The total amount includes gross statutory revenue, Value Added Tax, electronic money transfer levies and augmentation from forex equalisation account.
The communique explained that the Federal Government received N269.063 billion, the states received N236.464 billion, the local government councils got N173.936 billion, while the Oil Producing States received N43.214 billion as derivation, (13 per cent of mineral revenue).
It was also noted that the gross revenue available from the Value Added Tax for February 2023 was N240.799 billion, as against N250.51bn distributed in the preceding month, which represents a decrease of N9.72 billion.
It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), import and excise duties and oil and gas royalties all decreased significantly, while Value Added Tax and Electronic Money Transfer Levies (EMTL) decreased marginally.
Further breakdown of the allocation distributed to the three tiers of government include, “The gross revenue available from the Value Added Tax for the month of January, 2023 was N250.01bn, as against N250.51bn distributed in the preceding month, resulting in a decrease of N0.503bn.
“From that amount, the sum of N9.632 billion was allocated for cost of collection to FIRS and the sum of N6.935 given for transfers, savings, recoveries and refunds.
“The remaining sum of N224.232 billion was distributed to the three tiers of government of which the Federal Government got N33.635 billion, the states received N112.116 billion, local government councils got N78.481 billion.”
It added, “However, the balance in the Excess Crude Account (ECA) as at March 22nd, 2023 stands at $473,754.57.”