FAAC SHARES FELL BY N714.629 BILLION IN MARCH AS REVENUE FELL

In March 2023, the committee distributed N714.629 to beneficiaries

The sum distributed in March 2023 is a N10.9 billion decrease from the N725.571 billion distributed in the same period previous year.

In a statement issued on Wednesday, Bawa Mokwa, Director, Press and Public Affairs at the Office of the Accountant General of the Federation, revealed this.

Federal, state, and local governments in Nigeria benefit from FAAC.

Unlike the N722.677 billion shared by the three tiers of government in February, the federal, state, and local governments will divide N714.629 billion in March 2023, according to Mokwa.

With N750,174 billion divided in January, it is the third month in a row that revenue shared by the three tiers of government has decreased.

The sum distributed in March 2023 is a N10.9 billion decrease from the N725.571 billion distributed in the same period previous year.

In a statement issued on Wednesday, Bawa Mokwa, Director, Press and Public Affairs at the Office of the Accountant General of the Federation, revealed this.

"The N714.629 billion total distributable revenue comprised distributable statutory revenue of N497.448 billion, distributable Value Added Tax (VAT) revenue of N202.693 billion and Electronic Money Transfer Levy (EMTL) of N14.488 billion.

"In March 2023, the total deduction for the cost of collection was N31.355 billion, and the total deduction for transfers, refunds and consultancy fees was N126.567 billion. The Excess Crude Account (ECA) balance remains at $473,754.57.

"From the total distributable revenue of N714.629 billion, the Federal Government received N276.141 billion, the state governments received N232.129 billion, and the local government councils received N171.257 billion," he said.

According to the government, N35.102 billion was distributed to the relevant states as 13% derivation revenue.

In March 2015, the three levels of government divided N435.061 billion as FAAC.