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HomeBusinessNigeria shares N722.7 bln revenue among 3-tier of govt in Feb ~FAAC

Nigeria shares N722.7 bln revenue among 3-tier of govt in Feb ~FAAC

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Nigeria has distributed a total of N722.677 billion among the three tiers of government from revenue generated in February, the Federation Account Allocation Committee (FAAC) said.

The amount disbursed was lower than the revenue share in the previous month among the three tiers of government by N27.497 billion.

FAAC disbursed N750.174 billion to federal, state and local governments in January.

The committee said the N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable value-added tax (VAT) revenue of N224.232 billion, electronic money transfer levy (EMTL) revenue of N11.645 billion, and N120 billion in augmentation from the forex equalisation account.

In February, the statement from FAAC stated that total deductions for the cost of collection were N27.449 billion, while the total deductions for transfers, savings, recoveries, and refunds were N109.909 billion.

From the total distributable revenue of N722.677 billion, FAAC said the federal government received N269.063 billion, the states got N236.464 billion, and the remaining N173.936 billion went to the local governments.

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A total of N43.214 billion was also shared with the relevant states as 13 percent derivation revenue.

FAAC explained that statutory revenue of N487.106 billion was received for the month of February 2023.

This, it said, was lower than the N653.704 billion received in the previous month by N166.598 billion.

From the balance of N366.800 billion in distributable statutory revenue, the committee noted that the federal government received N178.683 billion, states collected N90.630 billion, and local governments got N69.872 billion.

It added that the sum of N27.614 billion was shared as 13 percent of derivation revenue among the concerned states.

According to FAAC, the gross revenue available from the value-added tax (VAT) for February was N240.799 billion, which is lower than the previous month’s.

The committee, however, said that from the N224.232 billion distributable value-added tax (VAT), the federal government was given N33.635 billion, the states received N112.116 billion, and local governments were paid N78.481 billion.

FAAC added that N11.645 billion from the EMTL was distributed to the federal government (N1.747 billion), states (N5.822 billion), and local governments (N4.076 billion).

For the augmentation of N120.000 billion, the federal government got N54.998 billion, and states were paid N27.896 billion.

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