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Thursday, 20th April 2023

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EXCESS CRUDE ACCOUNT DOWN TO $474,754, SAYS FAAC

By Collins Olayinka, Abuja
20 April 2023   |   4:05 am
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The Federation Account Allocation Committee (FAAC) shared N714.629 billion among
the federal, 36 states, Federal Capital Territory (FCT) and the 774 local
government councils in March.

Dollar. PHOTO: AFP

FG, states, LGAs share N715 billion in March
The Federation Account Allocation Committee (FAAC) shared N714.629 billion among
the federal, 36 states, Federal Capital Territory (FCT) and the 774 local
government councils in March.


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The N714.629 billion total distributable revenue consisted of distributable
statutory revenue of N497.448 billion, distributable value-added tax (VAT)
revenue of N202.69 billion and Electronic Money Transfer Levy (EMTL) of N14.488
billion.



The total deductions for the cost of the collection were N31.355 billion while
deductions for transfers, refunds and consultancy fees were N126.567 billion.

The balance in the Excess Crude Account (ECA) dropped to $473,754.57.

The communiqué stated that from the total distributable revenue of N714.629
billion, the Federal Government received N276.141 billion; state governments
received N232.129 billion while the LGAs received N171.257 billion.

A total sum of N35.102 billion was shared with the relevant states as 13 per
cent derivation revenue.

Gross statutory revenue of N638.673 billion was received for March, which was
higher than N487.106 billion received in the previous month by N151.567 billion.

The gross revenue available from the VAT was N218.786 billion, lower than
N240.799 billion available in February 2023 by N22.013 billion.







IN THIS ARTICLE

 * Excess Crude Account



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