The federal, state and local governments have collectively received N714.629 billion as revenue for March 2023.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for April 2023.
The N714.629bn distributable revenue comprised distributable statutory revenue of N497.448bn, distributable Value Added Tax (VAT) revenue of N202.693bn and Electronic Money Transfer Levy (EMTL) of N14.488bn.
In March 2023, deduction for cost of collection was N31.355bn and deduction for transfers, refunds and consultancy fees was N126.567bn while the balance in the Excess Crude Account (ECA) was $473,754.57.
Watching the watchdog: Newspapers get Ombudsman
The communiqué stated that from the N714.6bn distributable revenue, the federal government got 276.141bn, the state governments received N232.129bn and the local government councils received N171.257bn. Relevant states got N35.102bn as 13 per cent derivation revenue.
Gross statutory revenue of N638.673bn was received which was higher than the N487.106bn received in February by N151.567bn.
From the N497.448bn statutory revenue, FG received N243.564bn, the states got N123.539bn and the LGCs received N95.243bn just as the relevant states got N35.102bn as 13% derivation revenue.
Also, for March, the gross revenue from Value Added Tax (VAT) was N218.786bn and it was lower than the N240.799bn obtained in February by N22.013bn. FG got N30.404bn, states received N101.347bn and LGCs received N70.943bn from the N202.693bn distributable VAT revenue.
From the N14.488bn EMTL revenue, FG got N2.173bn, states got N7.244bn and LGCs received N5.071bn.
According to the communiqué, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and EMTL increased remarkably in March 2023 while VAT decreased.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
