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FG, States, LGs Share N714.629bn for March FAAC Revenue

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The Federation Account Allocation Committee (FAAC) shared N714.629 billion to the three tiers of government in Abuja on Wednesday as federation allocation for the month of March.

This is contained in a communiqué issued at the end of the FAAC meeting for April.

Its spokesman, Mr Stephen Kilebi, stated that the money shared covered Gross Statutory Revenue of N497.448 billion; Value Added Tax (VAT) of N202.693 billion, and Electronic Money Transfer Levy (EMTL) of N14.488 billion.

Out of the money, the Federal Government received N276.141 billion; the 36 states of the federation received N232.129 billion, while the 774 local government councils got N171.257 billion.

Oil-producing states got additional N35.102 billion as Derivation Fund (13 percent of Mineral Revenue).

Kilebi stated that VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February.

He added that from the VAT collected, N8.707 billion was allocated to cost of collection and N7.386 paid on transfers, refunds and consultancy fees.

He also stated that of the balance of N202.693 billion, the Federal Government got N30.404 billion; states got N101.347 billion, while local councils got N70.943 billion.

He added that gross statutory revenue collected in March was N638.673 billion, an increase over the collection level in February.

He explained that of the revenue collected, N22.044 billion was paid as cost of collection and N119.181 billion paid on transfers, refunds and consultancy fees.

Kilebi added that of the balance of N497.448 billion, the Federal Government got N243.564 billion; states got N123.539 billion, while local councils got N95.243 billion.

Oil Derivation (13 per cent Mineral Revenue) got N35.102 billion.

Also, N15.092 billion from EMTL was distributed to the three tiers of government.

The Federal Government received N2.173 billion; states got N7.244 billion, while local councils got N5.071 billion.

Cost of collection was N0.604 billion, Kilebi stated.

He added that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, EMTL all increased remarkably in March, while VAT decreased considerably.

Kilebi stated also that the balance in the Excess Crude Account as at April 19 stood at 473,754.57 dollars.

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