FAAC Distributes N722.677 Billion Revenue Among States and Local Governments in February 2023 — N269.063 billion for FG, N236.464 billion for States and N173.936 billion for LGAs..

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Published (Updated) on Thursday, March 23, 2023

The Federation Account Allocation Committee (FAAC) has disbursed a total of N722.677 billion among the three tiers of government in Nigeria for the month of February 2023. This shows a decrease of N27.497 billion compared to the previous month's allocation of N750.174 billion.

According to the committee's communique, the revenue distributed consisted of N366.800 billion distributable statutory revenue, N224.232 billion distributable value-added tax (VAT) revenue, N11.645 billion electronic money transfer levy (EMTL), and N120 billion augmentation from forex equalization account.

The federal government received N269.063 billion, states collected N236.464 billion, and local governments got N173.936 billion, while N43.214 billion was shared as 13 percent derivation revenue among the concerned states.

The committee noted a decrease in the gross revenue available from the value-added tax (VAT) and other sources of revenue such as petroleum profit tax (PPT), company income tax (CIT), oil and gas royalties, import, and excise duties. The balance in the excess crude account (ECA) as at March 22, 2023, stood at $473,754.57.

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