According to the Nigerian government, the Federal Government, States, and Local Governments will share N714.629 billion as the Federation Account Allocation Committee (FAAC) in March 2023.
According to a statement issued at the conclusion of the FAAC meeting for April, spokesman Mr Stephen Kilebi stated that the money shared covered Gross Statutory Revenue of N497.448 billion, Value Added Tax (VAT) of N202.693 billion, and Electronic Money Transfer Levy (EMTL) of N14.488 billion.
Revenue Share
Mr. Stephen Kilebi added that the Federal Government received N276.141 billion; the 36 states of the federation received N232.129 billion, while the 774 local government councils got N171.257 billion, the statement read:
Oil-producing states got an additional N35.102 billion as Derivation Fund (13 per cent of Mineral Revenue).
VAT revenue for March was N218.786 billion, showing a decrease from the VAT collected in February.
VAT
Kilebi added that from the Value Added Taxes earned in March, N8.707 billion was allocated to the cost of collection and N7.386 was paid on transfers, refunds, and consultancy fees, the statement read:
Of the balance of N202.693 billion, the Federal Government got N30.404 billion; states got N101.347 billion, while local councils got N70.943 billion.
Gross statutory revenue collected in March was N638.673 billion, an increase over the collection level in February.
Kilebi also noted that of the revenue collected, N22.044 billion was paid as a cost of collection and N119.181 billion was paid on transfers, refunds and consultancy fees, meanwhile of the balance of N497.448 billion, the Federal Government got N243.564 billion; states got N123.539 billion, while local councils got N95.243 billion and Oil Derivation (13 per cent Mineral Revenue) got N35.102 billion.
Electronic Money Transfer Levy
FAAC added that  N15.092 billion from EMTL was distributed to the three tiers of government, with the FG receiving  N2.173 billion; states got N7.244 billion, while local councils got N5.071 billion as the cost of collection was N0.604 billion, adding that the balance in the Excess Crude Account as at April 19 stood at 473,754.57 dollars.
What you should know
The Federation Account Allocation Committee (FAAC) disbursed a sum of N3.16 trillion to the thirty-six (36) states of the federation in 2022. This is according to data compiled by the National Bureau of Statistics (NBS).
Analysis by Nairametrics showed that the amount disbursed increased by 30.5% from N2.42 trillion and by 42.1% from N2.23 trillion disbursed in 2020.
Further checks by Nairametrics Research showed that the amount shared by the thirty-six states in the year 2022 was the highest on record. Note that states received N2.4 trillion in 2019, N2.49 trillion (in 2018), and N1.74 trillion in 2017.
