Excess Crude Account down to $474,754, says FAAC

Excess Crude Account down to $474,754, says FAAC

FG, states, LGAs share N715 billion in March

The Federation Account Allocation Committee (FAAC) shared N714.629 billion among the federal, 36 states, Federal Capital Territory (FCT) and the 774 local government councils in March.

This was contained in a communiqué issued at the end of the FAAC meeting for April 2023.

The N714.629 billion total distributable revenue consisted of distributable statutory revenue of N497.448 billion, distributable value-added tax (VAT) revenue of N202.69 billion and Electronic Money Transfer Levy (EMTL) of N14.488 billion.

The total deductions for the cost of the collection were N31.355 billion while deductions for transfers, refunds and consultancy fees were N126.567 billion.

The balance in the Excess Crude Account (ECA) dropped to $473,754.57.

The communiqué stated that from the total distributable revenue of N714.629 billion, the Federal Government received N276.141 billion; state governments received N232.129 billion while the LGAs received N171.257 billion.

A total sum of N35.102 billion was shared with the relevant states as 13 per cent derivation revenue.

Gross statutory revenue of N638.673 billion was received for March, which was higher than N487.106 billion received in the previous month by N151.567 billion.

The gross revenue available from the VAT was N218.786 billion, lower than N240.799 billion available in February 2023 by N22.013 billion

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