The Federation Account Allocation Committee (FAAC) has shared N722.677 billion to federal, state and local governments as allocation for February 2023.
This was disclosed in a communiqué issued at the end of the FAAC meeting for March 2023, according to a statement by its Director, Press and Public Relations, Bawa S. Mokwa.
“The N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion, Electronic Money Transfer Levy(EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account,” the communique said.
According to the statement, in February 2023, the total deductions for cost of collection was N27.449 billion and total deductions for transfers, savings, recoveries and refunds was N109.909 billion.
“The balance in the Excess Crude Account (ECA) was $473,754.57,” the committee added.
“The communiqué confirmed that from the total distributable revenue of N722.677 billion; the Federal Government received N269.063 billion, the State Governments received N236.464 billion and the Local Government Councils received N173.936 billion. A total sum of N43.214 billion was shared to the relevant States as 13% derivation revenue.
“Gross statutory revenue of N487.106 billion was received for the month of February 2023. This was lower than the sum of N653.704 billion received in the previous month by N166.598 billion.”