The Federation Account Allocation Committee (FAAC) has shared a total of N714.629 billion as revenue allocation for the month of March 2023 among the federal, state, and local governments.
The disbursement, which was announced in a communiqué issued at the end of the committee’s meeting on Wednesday in Abuja, shows a decrease of N8.048 billion compared to February’s allocation of N722.677 billion.
The N714.629 billion total distributable revenue consisted of distributable statutory revenue of N497.448 billion, distributable value-added tax (VAT) revenue of N202.693 billion, and electronic money transfer levy (EMTL) of N14.488 billion.
From this revenue, the federal government received N276.141 billion, the state governments received N232.129 billion, and the local government councils received N171.257 billion.
Additionally, a total sum of N35.102 billion was shared among the relevant states as 13 per cent derivation revenue.
According to the committee, a statutory revenue of N638.673 billion was received for the month of March 2023, which is higher than the previous month’s sum of N487.106 billion by N151.567 billion.
From the balance of N497.448 billion distributable statutory revenue, the federal government received N243.564 billion, states received N123.539 billion, and local governments got N95.243 billion.
The gross revenue available from VAT for March was N218.786 billion, which is lower than the previous month’s.
From the N202.693 billion distributable VAT revenue, the federal government received N30.404 billion, the state governments received N101.347 billion, and the local government councils received N70.943 billion.
The committee also shared the sum of N14.488 billion from the EMTL among the federal government (N2.173 billion), states (N7.244 billion), and local governments (N5.071 billion).
FAAC noted that petroleum profit tax (PPT), companies’ income tax (CIT), oil and gas royalties, and import and excise duties, and EMTL increased remarkably while VAT decreased considerably.
Finally, FAAC said the balance in the excess crude account (ECA) remained $473,754.57.
