President Muhammadu BuhariVanguardngr

FG Makes Final FAAC Allocation to Buhari & Outgoing Governors

On Thursday, President Muhammadu Buhari and all outgoing governors received their final Federation Account allocations of N655. 932 billion

Published on:

19 May 2023, 12:46 am

The communique issued at the end of a meeting on revenue allocation by the Federation Account Allocation Committee (FAAC) contained this information.

It indicated that the N655.932 billion total distributable revenue comprised statutory revenue of N364.654 billion, distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue, as well as, N24.000 billion augmentation from the Non-mineral revenue.

The government gave the Federal Inland Revenue Service and Nigeria Customs Service $28.108 billion as a cost of collection while A total of 120.287 billion was deducted for transfers and refunds to various accounts.

The balance in the Excess Crude Account (ECA) was $473,754.57

The communiqué showed that from the total distributable revenue of N655.932 billion; the Federal Government received N248.809 billion, the State Governments received N218.307 billion and the Local Government Councils received N160.600 billion.

A total sum of N28.216 billion was shared to the relevant States as 13% oil derivation revenue, while gross statutory revenue for April 2023 amounted to N497.463 billion .

This was lower than the sum of N638.673 billion received in the previous month by N141.210 billion.

The total revenue of N50.000 billion from Forex Equalization was shared thus: the Federal Government received N22.916 billion, the State Governments received N11.623 billion, the Local Government Councils received N8.961 billion and the sum of N6.500 billion was shared to the relevant States as 13 percent mineral revenue.

From the N24.000 billion Non-mineral revenue, the Federal Government received N12.643 billion, the State Governments received N6.413 billion and the Local Government Councils received N4.944 billion

In the statement, it was claimed that Oil and Gas Royalties, Import and Excise Duties as well as Value Added Tax (VAT), decreased substantially in April 2023.