The Federation Account Allocation Committee (FAAC) has disbursed a total of N655.932 billion as of April 2023’s revenue to the Federal, State, and Local Governments. The allocation, which was made up of gross statutory revenue, value-added tax, electronic money transfer levies, exchange gain, and augmentations from forex and non-oil mineral revenue, and other sources, was disclosed in a communiqué announced by FAAC’s Director of Press and Public Relations, Stephen Kilebi.
According to the communiqué, the Federal Government received the sum of N248.809 billion, while the states and local government councils were allocated N218.307 billion and N160.600 billion, respectively. Additionally, the oil-producing states were granted N28.216 billion as derivation (13% of mineral revenue).
Out of the N655.932 billion, N8.710 billion was allocated to cover the costs of collection, while N6.271 billion was given for transfers and refunds. The remaining N202.762 billion was distributed amongst the three tiers of government, with the Federal Government receiving N30.414 billion, the states receiving N101.381 billion, and local government councils getting N70.967 billion.
Furthermore, the gross statutory revenue recorded for April, which amounted to N497.463 billion, was lower than March’s figure of N638.673 billion. Out of that amount, N18.793 billion was given for the costs of collection, and a total of N114.016 billion was allocated for transfers and refunds.
The statement also revealed that the remaining balance of N364.654 billion was allocated to the Federal Government (N180.659 billion), states (N91.632 billion), LGCs (N70.647 billion), and oil derivation (N21.716 billion). Notably, N15.121 billion from the Electronic Money Transfer Levy was distributed amongst the three tiers of government, with the Federal Government receiving N2.177 billion, states receiving N7.258 billion, and the local government councils being allocated N5.081 billion. The sum of N0.605 billion from the levy was allocated to the costs of collection.
In summary, the FAAC has disbursed a significant amount of revenue to the Federal, State, and Local Governments, with the distribution aiming to enhance the country’s socio-economic development.
