The Federation Account Allocation Committee says it shared N655.93bn among the three tiers of government in April 2023. The figure represents a decrease of N58.7bn compared to the N714.63 billion shared in March 2023. FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Thursday.
The allocation shared has been on a decline throughout this year. The total amount includes gross statutory revenue, Value Added Tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.
The Federal Government received N248.81 billion, the states received N218.31 billion, and the local government councils got N160.6 billion, while the oil-producing states received N28.22 billion as derivation (13 per cent of mineral revenue).
It was also noted that the gross revenue available from the Value Added Tax for the month of April 2023 was N217.74bn, with the cost of collection taking N8.71 billion, and the rest was shared among the Federal Government, States and Local Government Councils.
The breakdown showed that the sum of N8.71 billion was allocated for Costs of Collection and the sum of N271 billion given for Transfers and Refunds. The remaining sum of N202.76 billion was distributed to the three tiers of government of which the Federal Government got N30.41 billion, the States received N101.38 billion, Local Government Councils got N70.97 billion.”
