According to the Federation Account Allocation Committee, in April 2023, N655.93 billion was distributed across the three levels of government.
The amount is down N58.7 billion from the N714.63 billion shared in March 2023. This was stated by FAAC in a statement following its most recent meeting, which concluded on Thursday in Abuja.
The allocation shared was shown to be decreasing during the course of this year. The total comprises electronic money transfer levies, value added tax, forex and non-oil mineral revenue augmentations, and gross statutory revenue.
The oil-producing states received N28.22 billion as a derivation (13 percent of mineral revenue), while the federal government received N248.81 billion, the states N218.31 billion, and local government councils N160.6 billion.
The gross amount of Value Added Tax income available for the month of April 2023 was N217.74 billion; N8.71 billion went toward collection costs, and the remaining N217.74 billion was split among the Federal Government, States, and Local Government Councils.
“From that amount, the sum of N8.71bn was allocated for Collection Costs and the sum of N6.271 given for Transfers and Refunds,” the breakdown stated. The remaining N202.76 billion was divided among the three levels of government, with N30.41 billion going to the federal government, N101.38 billion to the states, and N70.97 billion to local government councils.
Gross statutory revenue totaled N497.46 billion; the cost of collection was N18.79 billion, while transfers, refunds, and consulting fees totaled N114.02 billion.
The Federal Government received N180.66 billion, the States received N91.63 billion, LGCs received N70.65 billion, and Oil Derivation, which received N21.72 billion (13 percent of mineral revenue), received the remaining N364.65 billion.
The communiqué also stated that the three levels of government received a total of N15.12 billion in electronic money transfer levies.
“The Federal Government received N2.18 billion, States got N7.26 billion, Local Government Councils got N5.08 billion, and the total of N0.61 billion was allocated to Costs of Collection,” according to the breakdown for EMTL.
“The Communique disclosed an augmentation of N50 billion from Forex Equalization, which was divided as follows: Federal Government received N22.92 billion, States received N11.62 billion, the sum of N8.96 billion was allocated to Local Government Councils, and the sum of N6.5 billion was given to Derivation (13 percent of Mineral Revenue).” it was further stated.
“N24 billion in augmentation from non-mineral revenue was also distributed in accordance. The Local Government Councils received N4.94 billion, the States N6.41 billion, and the Federal Government N12.64 billion.
Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and Value Added Tax were all acknowledged to have significantly lowered, while only the Electronic Money Transfer Levy had somewhat increased.
The statement said, “The Excess Crude Account balance as of May 18, 2023 stands at $473,754.57.”
