FAAC allocates N722.6bn to federal, state, local governments for March 

By Onome Amuge

The Federation Account Allocation Committee (FAAC) has disbursed a total of N722.677 billion as federal allocation to the federal, state, and local government councils for March 2023..

FAAC made the disclosure in a communiqué issued at the end of its latest meeting in Abuja in Abuja, noting that the money shared was lower by N27.493 billion compared to N750.17 billion shared in January.

According to the committee, the approved money is inclusive of income from gross statutory revenue at N366.800 billion,Value Added Tax (VAT) worth N224.232 billion, N11.645 billion raised from electronic money transfer levy (EMTL), and augmentation from forex equalisation accounts which stood at N120 billion, , bringing the total distributable amount for the month to N722.677 billion.

The communiqué showed that  that the federal government received N269.063 billion, state governments got N236.464 billion, local governments received N173.936 billion, while the oil-producing states were given N43.214 billion as derivation, (13 per cent of Mineral Revenue).

It was also noted that the gross revenue available from the VAT for February 2023 stood at N240.799 billion, against N250.51 billion shared in the preceding month, which represents a month-on-month decrease of N9.72 billion.

Giving a breakdown of the allocations, FAAC stated that from the N366.800 billion distributable statutory revenue, the federal government received N178.683 billion, the state governments received N90.630 billion, the local government got N69.872 billion.Meanwhile, N27.614 billion was shared to the relevant states as 13 per cent derivation revenue.

The committee also disclosed that of the N224.232 billion distributable VAT revenue,the federal government received N33.635 billion, the state governments received N112.116 billion,while the 774 local governments received N78.481 billion.

From the  N11.645 billion electronic money transfer levy (EMTL), the Federal Government received N1.747 billion, the state governments received N5.822 billion, the local governments received N4.076 billion.

From the N120 billion augmentation from forex equalisation accounts ,  the federal government received N54.998 billion, the state governments received N27.896  billion, the local governments received N21.506 billion, while a total sum of N15.600 billion was shared to the relevant States as 13 per cent  revenue.

It was also gathered that the balance in the Excess Crude Account (ECA) as at March 22nd, 2023 stands at $473,754.57.