May 27, 2023

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FAAC Disburses N655.932 billion in April

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CEM REPORT, FINANCE | As of April 2023, the federal, state, and local governments have received ₦655.932 billion from the Federation Account Revenue.

The sum disbursed by the Federation Account Allocation Committee (FAAC) includes gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue.

This was contained in a communiqué issued at the end of the FAAC meeting for May 2023, according to a statement by its Director, Press and Public Relations, Stephen Kilebi.

“The Federal Government received ₦248.809 billion, States received ₦218.307 billion, Local Government Councils got ₦160.600 billion, while the oil producing states received ₦28.216 billion as derivation, (13% of mineral revenue).”

According to the communique, the gross revenue available from VAT for April 2023, was ₦217.743 billion, a decrease from the amount distributed in the preceding month.

“From that amount, the sum of N8.710 billion was allocated for costs of collection, and the sum of ₦6.271 was given for transfers and refunds. The remaining sum of ₦202.762 billion was distributed to the three tiers of government of which the Federal Government got ₦30.414 billion, the states received ₦101.381 billion, and local government councils got ₦70.967 billion.

Furthermore, Gross statutory revenue of ₦497.463 billion was received for the month also lower than the sum of ₦638.673 billion received in the previous month of March 2023.

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“From that amount, the sum of ₦18.793 billion was given for the costs of collection and a total sum of ₦114.016 billion for transfers and refunds. The remaining balance of ₦364.654 billion was distributed as follows: Federal Government was allocated the sum of ₦180.659 billion, states got N91.632 billion, LGCs got ₦70.647 billion, and oil derivation (13% mineral revenue) got ₦21.716 billion.

From Electronic Money Transfer Levy (EMTL) the sum of ₦15.121 billion was generated in the month and distributed as follows: the Federal Government received ₦2.177 billion, states got ₦7.258 billion, local government councils received ₦5.081 billion and the sum of ₦0.605 billion was allocated to costs of collection.

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