In April 2023, the Federation Account Allocation Committee distributed N655.93bn among the three levels of government, which is a decrease from the previous month’s allocation of N714.63bn.
The amount is made up of various sources of revenue, including taxes and levies.
The federal government received N248.81bn, the states received N218.31bn, the local government councils got N160.6bn, and the oil-producing states received N28.22bn as a percentage of mineral revenue.
This information was disclosed in a statement released after the committee’s meeting in Abuja.
The breakdown showed “From that amount, the sum of N8.71bn was allocated for Costs of Collection and the sum of N6.271 given for Transfers and Refunds. The remaining sum of N202.76bn was distributed to the three tiers of government of which the Federal Government got N30.41bn, the States received N101.38bn, Local Government Councils got N70.97bn.”
For the Gross Statutory Revenue, N497.46bn was received, with the sum of N18.79bn as the Cost of Collection and a total sum of N114.02bn for Transfers, Refunds and Consultancy fees.
The remaining balance of N364.65bn was shared with the Federal Government (N180.66bn), States (N91.63bn), and LGCs got (N70.65bn), while Oil Derivation (13 per cent Mineral Revenue) got N21.72bn.
The communique added that the sum of N15.12bn from the electronic money transfer Levies was distributed to the three tiers of government.
The breakdown for EMTL showed “the Federal Government received N2.18bn, States got N7.26bn, Local Government Councils received N5.08bn and the sum of N0.61bn was allocated to Costs of Collection.”
It added, “The Communique disclosed an Augmentation N50bn from Forex Equalization, which was shared as follows; Federal Government received N22.92bn, the States got N11.62bn, the sum of N8.96bn allocated to Local Government Councils, while the sum of N6.5bn given to Derivation (13 per cent of Mineral Revenue).
“Also, N24bn Augmentation from Non Mineral Revenue was shared accordingly. The Federal Government got N12.64bn, the States received N6.41bn, while the Local Government Councils got N4.94bn.”
It was noted that Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties and Value Added Tax all decreased considerably, only Electronic Money Transfer Levy increased albeit marginally.
It added, “The balance in the Excess Crude Account as at May 18, 2023 stands at $473,754.57.”