FG, states, local councils share N655.9bn for April

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The Federation Account Allocation Committee (FAAC) on Thursday shared a total sum of N655.932 billion to the Federal Government, states, and local councils as revenue allocation for April.

The Director of Press and Public Relations, Office of the Accountant of the Federation (OAGF), Bawa Mokwa, disclosed this in a statement issued at the end of the FAAC meeting for the month of May in Abuja.

He said the funds comprised distributable statutory revenue of N364.654 billion.

Mokwa said: “It also contained 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 and N24.000 billion augmentation from the Non-mineral revenue.

“In April 2023, the total deduction for the cost of collection was N28.108 billion, while the total deduction for transfers and refunds was N120.287 billion.

“The balance in the Excess Crude Account (ECA) was $473.754 million.

READ ALSO: FG, states, LGAs share N714.6bn as March allocation

“From the total distributable revenue of N655.932 billion; the Federal Government received N248.809 billion, the state governments took N218.307 billion and the Local Government Councils got N160.600 billion.

“A total sum of N28.216 billion was shared with the relevant states as 13 percent derivation revenue.

“Gross statutory revenue of N497.463 billion was received for the month of April.

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

“From the N364.654 billion distributable statutory revenue, the Federal Government received N180.659 billion, the state governments took N91.632 billion, and the LGCs got N70.647 billion.

“The sum of N21.716 billion was shared to the relevant states as 13 percent derivation revenue.

“For the month of April 2023, the gross revenue available from VAT was N217.743 billion.

“This was lower than the N218.786 billion available in the month of March 2023 by N1.043 billion.”

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