The Federation Account Allocation Committee (FAAC) has shared a sum of ₦655.932 billion revenue for April to the Federal Government, States and Local Government Councils (LGCs).
According to a statement issued by Bawa Mokwa, the Director of Press and Public Relations, Office of the Accountant of the Federation (OAGF), this is contained in a communiqué issued at the end of the FAAC meeting for May 2023.
The communique states that the ₦655.932 billion total distributable revenue comprised distributable statutory revenue of ₦364.654 billion.
It said that it also contained distributable Value Added Tax (VAT) revenue of ₦202.762 billion, Electronic Money Transfer Levy (EMTL) of ₦14.516 billion, ₦50 billion augmentation from Forex Equalisation revenue and ₦24 billion augmentation from the non-mineral revenue.
"In April 2023, the total deductions for the cost of collection was ₦28.108 billion, and total deductions for transfers and refunds was ₦120.287 billion.
"The balance in the Excess Crude Account (ECA) was $473.754 million."
The communiqué said that from the total distributable revenue of ₦655.932 billion; the Federal Government received ₦248.809 billion, the State Governments received ₦218.307 billion and the Local Government Councils received ₦160.6 billion.
"A total sum of ₦28.216 billion was shared with the relevant states as 13% derivation revenue.
"Gross statutory revenue of ₦497.463 billion was received for the month of April.
"This was lower than the sum of ₦638.673 billion received in the previous month by ₦141.210 billion," it said.
It said that from the ₦364.654 billion distributable statutory revenue, the Federal Government received ₦180.659 billion, the State Governments received ₦91.632 billion, and the LGCs received ₦70.647 billion.
"The sum of ₦21.716 billion was shared with the relevant states as 13% derivation revenue.
"For the month of April 2023, the gross revenue available from VAT was ₦217.743 billion.
"This was lower than the ₦218.786 billion available in the month of March 2023 by ₦1.043 billion," it said.
According to the communique, the Federal Government received ₦30.414 billion, the state governments received ₦101.381 billion, and the LGCs received ₦70.967 billion from the ₦202.762 billion distributable VAT revenue.
"The ₦14.516 billion EMTL was shared as follows: the Federal Government received ₦2.177 billion, the State Governments received ₦7.258 billion and the LGCs received ₦5.081 billion.
"The total revenue of ₦50 billion from Forex Equalisation was shared thus:
"The Federal Government received ₦22.916 billion, the state governments received ₦11.623 billion, the Local Government Councils received ₦8.961 billion and the sum of ₦6.500 billion was shared to the relevant states as 13% mineral revenue.
"From the ₦24 billion non-mineral revenue, the Federal Government received ₦12.643 billion, the State Governments received ₦6.413 billion, and the LGCs received ₦4.944 billion
"In the month of April 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and VAT all decreased considerably. Only EMTL increased, albeit marginally."