FAAC
FAAC Shares N722.6bn February 2023 Revenue To FG, States, LGs
The Federation Account Allocation Committee (FAAC) has shared a total sum of N722.677 billion February 2023 Federation Account Revenue to the Federal, States and Local Governments.
Mr Bawa S. Mokwa Director (Press and Public Relations), Office of the Accountant General of the Federation said in a statement on Wednesday that this was contained in a communiqué issued at the end of the FAAC meeting for March 2023.
Mokwa said, “The balance in the Excess Crude Account (ECA) was $473,754.57”.
According to him, the N722.677 billion total distributable revenue comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion, Electronic Money Transfer Levy(EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account.
He noted that in February 2023, the total deductions for the cost of collection were N27.449 billion and total deductions for transfers, savings, recoveries and refunds was N109.909 billion.
The communiqué confirmed that from the total distributable revenue of N722.677 billion, the Federal Government received N269.063 billion, the State Governments received N236.464 billion and the Local Government Councils received N173.936 billion.
A total sum of N43.214 billion was shared to the relevant States as 13% derivation revenue.