By Onome Amuge
The monthly allocation shared by the Federation Account Allocation Committee (FAAC) to the federal, state, and local government councils, dropped by eight per cent from N714.62 in March to N655.932 billion for April 2023.
FAAC made the disclosure in a communiqué issued at the end of its latest meeting in Abuja. The fall in revenue allocation was attributed to a decline in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Value Added Tax (VAT). In contrast, the Electronic Money Transfer Levy (EMTL) increased albeit marginally.
The committee explained that the revenue is inclusive of income from gross statutory revenue at N364.654 billion,distributable Value Added Tax (VAT) worth N202.762 billion, N14.516 billion raised from electronic money transfer levy (EMTL), N50 billion augmentation from forex equalisation accounts, and N24 billion augmentation from the non-mineral revenue, bringing the total distributable amount for the month to N655.932 billion.
It added that in April 2023, the total deductions for cost of collection stood at N28.108 billion,total deductions for transfers and refunds was N120.287 billion while the balance in the Excess Crude Account (ECA) was $473,754.57.
A breakdown of the allocations showed that from the N655.932 billion distributable statutory revenue, the federal government received N248.809 billion, the state governments received N218.307 billion, the local government got N160.600 billion.Meanwhile, N28.216 billion was shared to the relevant states as 13 per cent derivation revenue.
It was also noted that the gross statutory revenue received for April 2023 stood at N497.463 billion, against N638.673 billion received in the preceding month, which represents a month-on-month decrease of N141.210 billion.
The committee disclosed that of the N364.654 billion distributable statutory revenue,the federal government received N180.659 billion, the state governments received N91.632 billion,while the 774 local governments received N70.647 billion. In addition, the sum of N21.716 billion was shared to the relevant states as 13 per cent derivation revenue.
“For the month of April 2023, the gross revenue available from the Value Added Tax (VAT) was N217.743 billion This was lower than the N218.786 billion available in the month of March 2023 by N1.043 billion; The Federal Government received N30.414 billion, the State Governments received N101.381 billion and the Local Government Councils received N70.967 billion from the N202.762 billion distributable Value Added Tax (VAT) revenue,” it stated.
Out of the N14.516 billion received from the electronic money transfer levy (EMTL), the federal government received N2.177 billion, the state governments received N7.258 billion, while the local governments received N5.081 billion.
From the total revenue of N50 billion received from forex equalisation accounts, the federal government received N22.916 billion, the state governments received N11.623 billion, the local governments received N8.961 billion, while a total sum of N6.500 billion was shared to the relevant states as 13 per cent mineral revenue.
According to the communiqué, from the N24.000 billion non-mineral revenue, the federal government received N12.643 billion, the state governments received N6.413 billion and the local governments received N4.944 billion.
It was also gathered that the balance in the Excess Crude Account (ECA) as at April 2023, still stands at $473,754.57.
