Understanding FAAC: A Breakdown of the N655.9bn Revenue Shared by FG, States, and LGAs in April

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The Federation Account Allocation Committee has disbursed a total of N655.932 billion as April 2023 Federation Account Revenue to the Federal, State, and Local Governments.

The allocation comprised of various components such as gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue.

The specifics of the allocation were disclosed in a press release issued by Stephen Kilebi, Director of Press and Public Relations, at the conclusion of the May 2023 FAAC meeting.

As per an official statement, the Federal Government has received a sum of N248.809 billion, while the states have received N218.307 billion.

The local government councils have been allocated N160.600 billion, and the oil producing states have received N28.216 billion as derivation, which is equivalent to 13% of mineral revenue.

A total of N15.981 billion was allocated, with N8.710 billion earmarked for costs of collection and N6.271 billion designated for transfers and refunds.

A total of N202.762 billion was disbursed among the three tiers of government, with the Federal Government receiving N30.414 billion, the states receiving N101.381 billion, and the local government councils receiving N70.967 billion.

The gross statutory revenue for the month amounted to N497.463 billion, which was lower than the N638.673 billion received in the previous month of March 2023.

A total of N114.016 billion was allocated for transfers and refunds, while the sum of N18.793 billion was designated for the costs of collection.

The sum of N364.654 billion was allocated in the following manner: The Federal Government has been allocated a total sum of N180.659 billion, while the states have received N91.632 billion.

Local Government Councils (LGCs) have been allocated N70.647 billion, and the oil derivation (13 per cent mineral revenue) has received N21.716 billion.

A total of N15.121 billion generated from the Electronic Money Transfer Levy has been disbursed among the three tiers of government.

The Federal Government received N2.177 billion, while the states and local government councils received N7.258 billion and N5.081 billion, respectively. Additionally, N0.605 billion was allocated to the costs of collection.

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