According to the Federation Account Allocation Committee, in February 2023, N722.677 billion was distributed across the three levels of government.
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In comparison to the N750.17 billion shared in January and the N267.513 billion shared in December 2022, the result reflects a further fall of N27.493 billion.
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This was stated by FAAC in a statement following its most recent meeting, which ended on Wednesday in Abuja.
The total sum includes gross statutory revenue, VAT, fees for electronic money transfers, and additions from the account for currency equalization.
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According to the communiqué, the local government councils received N173.936 billion, the states received N236.464 billion, and the oil-producing states received N43.214 billion as a deduction. The federal government received N269.063 billion (13 per cent of mineral revenue).
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In addition, it was observed that the gross revenue from the value added tax for February 2023 was N240.799 billion, down from N250.51bn given in the preceding month by N9.72 billion.
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It further stated that while Value Added Tax and Electronic Money Transfer Levies (EMTL) reduced only somewhat, import and excise charges, oil and gas royalties, Companies Income Tax (CIT), and Petroleum Profit Tax (PPT) all decreased dramatically.
The gross revenue from the value added tax for the month of January 2023 was N250.01 billion, down from N250.51 billion received in the preceding month, a fall of N0.503 billion, according to additional breakdown of the allocation allocated to the three levels of government.
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The following amounts were deducted from that total: N6.935 billion was granted for transfers, savings, recoveries, and refunds; N9.632 billion was designated for FIRS’s cost of collection.
“The remaining sum of N224.232 billion was given to the three tiers of government, of which the Federal Government got N33.635 billion, the States got N112.116 billion, and Local Government Councils got N78.481 billion.”
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Yet as of March 22, 2023, there was $473,754.57 in the Excess Crude Account (ECA), it was added.
Source: PunchÂ
