The Federal Account Allocation Committee says it had split N722.677 billion across the three levels of government in February 2023.
The number reflects a further decline of N27.493bn compared to N750.17bn shared in January and N267.513 to N990.19bn shared in December 2022.
FAAC stated this in a communiqué published at the conclusion of its last meeting in Abuja on Wednesday.
The entire amount comprises gross statutory income, Value Added Tax, electronic money transfer levies and augmentation from FX equalisation account.
The announcement noted that the Federal Government received N269.063 billion, the states received N236.464 billion, the local government councils got N173.936 billion, while the Oil Producing States received N43.214 billion as derivation, (13 per cent of mineral income) (13 per cent of mineral revenue).
It was also reported that the total income available from the Value Added Tax for February 2023 was N240.799 billion, as against N250.51bn given in the prior month, which implies a decline of N9.72 billion.
It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), import and excise duties and oil and gas royalties all decreased significantly, while Value Added Tax and Electronic Money Transfer Levies (EMTL) decreased marginally.
Additional breakdown of the allocation allocated to the three levels of government include, “The gross income available from the Value Added Tax for the month of January, 2023 was N250.01bn, as against N250.51bn distributed in the prior month, resulting in a loss of N0.503bn.
“From that amount, the sum of N9.632 billion was assigned for cost of collection to FIRS and the value of N6.935 granted for transfers, savings, recoveries and refunds.
“The remaining sum of N224.232 billion was distributed to the three tiers of government of which the Federal Government got N33.635 billion, the states received N112.116 billion, local government councils got N78.481 billion.”
It added, “However, the balance in the Excess Crude Account (ECA) as at March 22nd, 2023 stands at $473,754.57.”
