The Federation Account Allocation Committee announced that N722.677 billion was shared among the three tiers of government for February 2023. This represents a decrease of N27.493 billion from the N750.17 billion allocated in January and a drop from the N990.19 billion shared in December 2022. The committee disclosed these figures in a communiqué issued after its latest meeting in Abuja on Wednesday.
The total amount includes gross statutory revenue, Value Added Tax (VAT), electronic money transfer levies, and an augmentation from the forex equalisation account. According to the communiqué, the Federal Government received N269.063 billion, the states received N236.464 billion, local government councils got N173.936 billion, and the oil‑producing states received N43.214 billion as derivation (13 percent of mineral revenue).
VAT revenue for February 2023 stood at N240.799 billion, down from N250.51 billion in the previous month, a decline of N9.72 billion. Petroleum Profit Tax, Companies Income Tax, import and excise duties, and oil and gas royalties all fell significantly, while VAT and Electronic Money Transfer Levies decreased only marginally.
A further breakdown shows that VAT revenue for January 2023 was N250.01 billion, compared with N250.51 billion the month before, a decrease of N0.503 billion. From this amount, N9.632 billion was allocated for collection costs to the Federal Inland Revenue Service, and N6.935 billion was set aside for transfers, savings, recoveries, and refunds. The remaining N224.232 billion was distributed to the three tiers of government: the Federal Government received N33.635 billion, the states received N112.116 billion, and local government councils got N78.481 billion.
Finally, the balance in the Excess Crude Account (ECA) as of 22 March 2023 stood at $473,754.57.
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