FAAC shares to FG, states, LGs drop by N27.4bn

The Federation Account Allocation Committee (FAAC) has shared N722.677 billion among the three tiers of government for February 2023.

This is a drop of N27.497 billion compared to January’s allocation of N750.174 billion.

FAAC disclosed this in a communique issued at the end of its meeting for March 2023 in Abuja on Wednesday.

The committee said the N722.677 billion total distributable 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 billion augmentation from forex equalisation account.

According to the comminiqué, in February 2023, the total deductions for cost of collection was N27.449 billion, while total deductions for transfers, savings, recoveries and refunds was N109.909 billion.

From the total distributable revenue of N722.677 billion, FAAC said the Federal Government received N269.063 billion, states got N236.464 billion and N173.936 billion went to the local governments.

A total sum of N43.214 billion was also shared with the relevant states as 13 per cent derivation revenue.

FAAC said a statutory revenue of N487.106 billion was received for the month of February 2023.

This, it said, was lower than the N653.704 billion received in the previous month by N166.598 billion.

From the balance of N366.800 billion distributable statutory revenue, the committee noted that the FG received N178.683 billion, states collected N90.630 billion, and local governments got N69.872 billion.

It added that the sum of N27.614 billion was shared as 13 per cent derivation revenue among the concerned states.

According to FAAC, the gross revenue available from the value-added tax (VAT) for February was N240.799 billion, which is lower than the previous month’s.

The committee said from the N224.232 billion value-added tax (VAT), FG was given N33.635 billion, states received N112.116 billion and local governments were paid N78.481 billion.