The federal, state, and municipal governments have each received a total of N714.629 billion from the Federation Account Allocation Committee as March 2023 Federation Account Income.
This is stated in a statement that was made public following the FAAC meeting in April 2023. The sum consists of gross statutory revenue, VAT, exchange gain, and charges for electronic money transfers.
A total of N35.102 billion was distributed to the appropriate states as 13 percent derivation revenue, with the federal government receiving N276.141 billion, state governments receiving N232.129 billion, and local governments receiving N171.257 billion. This information was released in a statement on Wednesday by Bawa S. Mokwa, Director of the Accountant General of the Federation’s Press and Public Affairs Office.
According to him, the entire distributable revenue of N714.629 billion was made up of distributable statutory revenue of N497.448 billion, distributable Value Added Tax revenue of N202.693 billion, and distributable Electronic Money Transfer Levy revenue of N14.488 billion. He stated that in March 2023, there were N31.355 billion in total deductions for the cost of collection and N126.567 billion in total deductions for transfers, refunds, and consulting fees.
In March 2023, the gross revenue available from the Value Added Tax was N218.786 billion. This is lower than the N240.799 billion available in February 2023 by N22.013 billion. The federal government received N30.404 billion, the state governments received N101.347 billion and the LGAs received N70.943 billion from the N202.693 billion distributable Value Added Tax revenue.
Mokwa added that the balance in the Excess Crude Account was $473,754.57. A further breakdown of the figure indicated that gross statutory revenue of N638.673 billion was received for March 2023, and this is higher than the sum of N487.106 billion received in the previous month by N151.567 billion.
The communique added that N497.448 billion was distributable statutory revenue, the Federal Government got N243.564 billion, the State Governments received N123.539 billion and the Local Government Councils received N95.243 billion. The sum of N35.102 billion was shared to the relevant States as 13% derivation revenue.
A total of N14.488 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.173 billion, the state governments received N7.244 billion and the LGA got N5.071 billion.
The communiqué added that in March 2023, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and Electronic Money Transfer Levy increased remarkably while Value Added Tax decreased considerably.
