The Federal Government, States, and Local Government Councils (LGCs) have received N655.932 billion in the month of April, according to the Federation Account Allocation Committee (FAAC).
During the FAAC meeting on Thursday, Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant of the Federation (OAGF), issued a communiqué stating that the federal government received N248.809 billion, state governments got N218.307 billion, while LGs received N160.600 billion.
The distributable revenue for April comprised statutory revenue of N364.654 billion and Value Added Tax (VAT) revenue of N202.762 billion. Additionally, there was Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue, and N24 billion augmentation from non-mineral revenue.
The cost of collection was N28.108 billion, while the total deduction for transfers and refunds was N120.287 billion in April. The relevant states received N21.716 billion as 13% derivation revenue. The gross revenue available from VAT was N217.743 billion, out of which the FG got N30.414 billion, States received N101.381 billion, and the LGCs got N70.967 billion.
According to the FAAC, during April, there was a significant decrease in the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and VAT.
In February, the government disbursed N722.677 billion, while N714.629 billion was distributed in March. The FAAC also disclosed that the balance in the Excess Crude Account (ECA) was $473.754 million.
As Nigeria’s economy continues to evolve, reliable statistics on the state of the economy remains a crucial factor for every stakeholder. FAAC serves as a necessary conduit through which the three tiers of government share the revenue from oil exports. With proper accountability, this revenue can help strengthen the economy, provide adequate essential amenities to the people, and enhance sustainable development.
