The Federation Account Allocation Committee (FAAC), at its Meeting shared a total sum of N722.677 billion to the three tiers of government, as Federation Allocation for the month of February, 2023.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levies (EMTL) and Augmentation from Forex Equalization Account, 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% of Mineral Revenue).
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for February 2023, was N240.799 billion, which was a decrease to the amount distributed in the preceding month. 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.
Accordingly, the Gross Statutory Revenue of N487.106 billion received for the month was lower than the sum received in the previous month of January,2023. From that amount, the sum of N17.332 billion was given for Cost of Collection and a total sum of N102.974 billion for Transfers, Savings, Recoveries and Refunds.The remaining balance of N366.800 billion was distributed as follows: Federal Government was allocated the sum of N178.683 billion, States got N90.630 billion, LGCs got N69.872 billion, and Oil Derivation (13% Mineral Revenue) got N27.614 billion.
Also, the sum of N12.130 billion from Electronic Money Transfer Levies (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N1.747 billion, States got N5.822 billion, Local Government Councils received N4.076 billion and the sum of N0.485 billion was allocated for Cost of Collection.
The Communiqué further disclosed that the sum of N120.000 billion from Augmentation from Forex Equalization Account was shared thus: Federal Government received N54.998 billion, States got N27.896 billion, Local Government Councils received N21.506 billion and Oil Derivation (13% of Mineral Revenue) got N15.600 billion.
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties and Oil and Gas Royalties all decreased significantly, while Value Added Tax (VAT) and Electronic Money Transfer Levies (EMTL) decreased marginally.
According to the Communiqué, the total revenue distributable for the current month of February was drawn from Statutory Revenue of N366.800 billion, Value Added Tax (VAT) of N224.232 billion, N11.645 billion from Electronic Money Transfer Levies (EMTL), and N120.000 billion Augmentation from Forex Equalization Account, bringing the total distributable amount for the month of February, 2023 to N722.677 billion.
However, the balance in the Excess Crude Account (ECA) as at March 22nd, 2023 stands at $473,754.57
Signed:
Stephen Kilebi
D (Press and Public Relations)