The Federation Account Allocation Committee (FAAC) has shared a total sum of N722.677 billion to the three tiers of government as federation allocation for the month of February 2023.
The FAAC noted that from the total revenue, the Federal Government received N269.063 billion, the State Governments received N236.464 billion, while the Local Government Councils received N173.936 billion.
It added that a total sum of N43.214 billion was shared to the relevant states as 13 per cent derivation revenue.
The committee made this known via a communique issued at the end of its meeting on Wednesday, March 22, 2023.
The N722.677 billion total revenue comprised statutory revenue of N366.800 billion, Value Added Tax (VAT) revenue of N224.232 billion, Electronic Money Transfer Levy (EMTL) of N11.645 billion, and N120.000 billion Augmentation from Forex Equalisation Account.
The FAAC stated that the total deduction for the cost of collection in February 2023 was N27.449 billion, noting that the total deduction for transfers, savings, recoveries, and refunds was N109.909 billion.
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It said the balance in the Excess Crude Account (ECA) was $473,754.57.
According to the FAAC, the Gross statutory revenue of N487.106 billion was received for the month of February 2023, saying this was lower than the sum of N653.704 billion received in the previous month by N166.598 billion.
It stated that from the N366.800 billion statutory revenue, the Federal Government received N178.683 billion, the State Governments received N90.630 billion, while the Local Government Councils received N69.872 billion.
The committee noted that the sum of N27.614 billion was shared to the relevant states as 13 per cent derivation revenue.
The FAAC said the gross revenue available from the VAT was N240.799 billion, noting that this was lower than the N250.009 billion available in January 2023 by N9.210 billion.
It disclosed that the Federal Government received N33.635 billion, the State Governments received N112.116 billion, while the Local Government Councils received N78.481 billion from the N224.232 billion VAT revenue.
“The N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.747 billion, the State Governments received N5.822 billion, the Local Government Councils received N4.076 billion.
“From the N120.000 billion Augmentation, the Federal Government received N54.998 billion, the State Governments received N27.896 billion, the Local Government Councils received N21.506 billion and a total sum of N15.600 billion was shared to the relevant States as 13% mineral revenue,” the FAAC added.
It said the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, and Import and Excise Duties decreased significantly in February, adding that VAT and EMTL decreased marginally.
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