The money shared by the Federation Account Allocation Committee (FAAC) to the Federal Government, State and Local Governments from April 2023 revenue shrunk to N655.932 billion.
This is contained in a statement by Bawa Mokwa, Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF) at the end of the monthly FAAC meeting in Abuja.
He said: “A total sum of N655.932 billion April 2023 Federation Account Revenue was shared to the Federal, States and Local Government as May, 2023 allocation.
“Last month, N714 billion was and before then, N722 billion was shared among the benefiting entities.”
According to Bawa, the reason for the fall in revenue was that “in the month of April 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and Value Added Tax (VAT) all decreased considerably. Only Electronic Money Transfer Levy (EMTL) increased albeit marginally”.
Mokwa stated: “the N655.932 billion total distributable revenue comprised distributable statutory revenue of N364.654 billion, distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue and N24.000 billion augmentation from the non-mineral revenue.
In April 2023, the total deductions for cost of collection was N28.108 billion and total deductions for transfers and refunds was N120.287 billion.
The balance in the Excess Crude Account (ECA) still stands at $473,754.57.
