The Federal Government, States, and Local Government Councils have received a total of N722.677 billion in February 2023 Federation Account Income from the Federation Account Allocation Committee (FAAC), a little decrease from the N750.17 billion distributed in the previous month.
This information was included in the statement that was made public during the March 2023 meeting of the Federation Account Allocation Committee (FAAC).
The total distributable revenue of N722.677 billion was made up of N366.800 billion in distributable statutory revenue, N224.232 billion in distributable Value Added Tax (VAT), N11.645 billion in distributable Electronic Money Transfer Levy, and N120.000 billion in augmenting income from the Forex Equalization Account.
Deductions for transfers, savings, recoveries, and refunds totaled N109.909 billion in February 2023, while deductions for the cost of collection totaled N27.449 billion.
The Excess Crude Account (ECA) has a balance of $473,754.57.
According to the communiqué, of the total N722.677 billion in distributable revenue, N269.063 billion went to the federal government, N236.464 billion to the states, and N173.936 billion to local government councils. The relevant States received a total of N43.214 billion as a 13% derivation revenue share.
For the month of February 2023, gross statutory income of N487.106 billion was received. This was N166.598 billion less than the total of N653.704 billion that was received in the previous month.
The Federal Government received N178.683 billion, the State Governments N90.630 billion, and the Local Government Councils N69.872 billion from the N366.800 billion distributable statutory revenue. The relevant States received a total of N27.614 billion as a 13% derivation revenue share.
Value Added Tax (VAT) gross receipts for the month of February 2023 were N240.799 billion. This was N9.210 billion less than the N250.009 billion that was accessible in January 2023.
“Of the N224.232 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N33.635 billion, the State Governments N112.116 billion, and the Local Government Councils N78.481 billion.
The Federal Government collected N1.747 billion, the State Governments received N5.822 billion, and the Local Government Councils received N4.076 billion of the N11.645 billion Electronic Money Transfer Levy (EMTL).
The statement read, “From the N120.000 billion Augmentation, N54.998 billion was received by the Federal Government, N27.896 billion by the State Governments, N21.506 billion by the Local Government Councils, and a total of N15.600 billion was given to the relevant States as 13% mining revenue.”
Petroleum Profit Tax (PPT), Corporations Income Tax (CIT), Oil and Gas Royalties, Import and Excise Taxes, all reduced dramatically in the month of February 2023, while Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL), decreased just somewhat.