FG, states, LGs share ₦‎714.629 billion for March

News Agency Of Nigeria 08:35 - 20 April 2023

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President Muhammadu Buhari presides over the Federal Executive Council meeting (image used for illustration) [Twitter/@NigeriaGov]

Oil-producing states got an additional ₦‎35.102 billion as a Derivation Fund.

The Federation Account Allocation Committee (FAAC) shared ₦‎714.629 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, Stephen Kilebi, stated that the money shared covered Gross Statutory Revenue of ₦‎497.448 billion; Value Added Tax (VAT) of ₦‎202.693 billion, and Electronic Money Transfer Levy (EMTL) of ₦‎14.488 billion.

Out of the money, the Federal Government received N276.141 billion; the 36 states of the federation received ₦‎232.129 billion, while the 774 the local government councils got ₦‎171.257 billion.

Oil-producing states got an additional ₦‎35.102 billion as a Derivation Fund (13% of Mineral Revenue).

Kilebi stated that VAT revenue for March was ₦‎218.786 billion, showing a decrease from the VAT collected in February.

He added that from the VAT collected, ₦‎8.707 billion was allocated to cost of collection and ₦‎7.386 paid on transfers, refunds and consultancy fees.

Kilebi stated also that of the balance of ₦‎202.693 billion, the Federal Government got ₦‎30.404 billion; states got ₦‎101.347 billion, while local councils got ₦‎70.943 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, ₦‎22.044 billion was paid as cost of collection and ₦‎119.181 billion paid on transfers, refunds and consultancy fees.

Kilebi added that of the balance of ₦‎497.448 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 ₦‎35.102 billion.

Also, ₦‎15.092 billion from EMTL was distributed to the three tiers of government.

The Federal Government received ₦‎2.173 billion; states got ₦‎7.244 billion, while local councils got ₦‎5.071 billion.

Cost of collection was ₦‎0.604 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 that the Excess Crude Account balance as of April 19 stood at $473,754.57.