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HomeTop NewsNigeria's earnings fall in March, distributes N714.63 bln among 3-tiers of govt

Nigeria’s earnings fall in March, distributes N714.63 bln among 3-tiers of govt

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Nigeria disbursed a total of N714.629 billion among the three tiers of government from revenue generated into the federation account in March 2023.

According to the communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja on Wednesday, the amount disbursed represents a decrease of N8.05 billion compared with the N722.68 billion distributed in the previous month.

The funds were generated through gross statutory revenue, Value Added Tax, and electronic money transfer levies.

A breakdown of the money generated showed that the distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable value-added tax (VAT) revenue of N202.693 billion and electronic money transfer levy (EMTL) of N14.488 billion.

The Federal Government received N276.14 billion from the pool while the 36 states received N232.13 billion, and the local government councils got N171.26 billion.

Also, the oil-producing states received N35.1 billion being the 13 percent derivation funds of revenue generated from minerals.

The communication disclosed that the gross revenue available from the Value Added Tax (VAT) for March stood at N218.79 billion, while the cost of collection which was deducted and released to the collecting agency stood at N8.71 billion.

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“The remaining sum of N202.693 billion (from VAT) was distributed to the three tiers of government of which the Federal Government got N30.404 billion, the States received N101.347 billion, Local Government Councils got N70.943 billion,” the FAAC said in the statement.

For the Gross Statutory Revenue, N638.67 billion was received, with the sum of N22.04 billion deducted as the Cost of Collection and a total sum of N119.18 billion for Transfers, Refunds and  Consultancy fees.

The remaining balance of N497.45 billion was shared with the Federal Government (N243.56 billion), States (N123.54 billion), and LGCs got (N95.24 billion), while Oil Derivation (13 percent Mineral Revenue) got N35.10 billion.

The government generated the sum of N15.09 billion from the electronic money transfer Levies (EMTL) which were distributed among the three tiers of government.

The breakdown for EMTL showed “the Federal Government received N2.173 billion, States got N7.244 billion, Local Government Councils received N5.071 billion and the sum of N0.604 billion was allocated for Cost of Collection.”

It was noted that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and Electronic Money Transfer Levy increased, while Value Added Tax decreased.

“The balance in the Excess Crude Account as at April 19, 2023 stands at $473,754.57,” FAAC stated.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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