The Federation Accounting and Allocation Committee (FAAC) informed the three-tier governments at their meeting of a total of N655.932 billion as federation allocations for April 2023.
Of the total statutory revenue, value added tax (VAT), electronic funds transfer tax (EMTL), foreign exchange gains, and non-petroleum mineral income reported, the federal government received 248.89 billion nairas and each state received 218.307 billion naira. Local governments received N160.6 billion and oil-producing states in derivatives got N28.216 billion (13% of mineral income).
A communiqué issued by the Federal Accounting and Allocation Commission (FAAC) at the end of the meeting showed that gross income from value-added tax (VAT) for April 2023 was NGN 217.743 billion, down from the previous month’s allocation. showed that.
From that amount, 8.71 billion naira was allocated for collection costs, 6.271 billion naira for remittances and refunds, and the remaining 202.762 billion naira was allocated to the three levels of government. The federal government collected 30,414 billion naira, state governments 101,381 billion naira , and local governments 70,967 billion naira.
