… as FAAC allocates N750.174bn for February
Revenue generating agencies to the federation account, specifically, the Federal Inland Revenue Service and the Nigeria Customs Service got a total of N23.494 billion as cost of revenue collection for the federation in January, The Nigerian Observer reports.
The gross statutory revenue of N653.703 billion was received for the month, lower than the sum of N1.136.183 trillion received in the previous month by N482.479 billion, according to the communique that was issued from the Federation Account Allocation Committee (FAAC).
According to the communiqué that was issued at the end of the meeting, the total revenue distributable for the current month of January 2023, was drawn from statutory revenue of N389.118 billion, VAT of N232.809 billion, an augmentation from non-mineral revenue of N100 billion, N13.247 billion from electronic transfer levies. An addition of N15 billion from savings was made to the revenue for the month, bringing the total distributable for the month to N750.174 billion.
From this amount, the sum of N23.494 billion was given for cost of collection and a total sum of N241.091 billion to transfers, savings and refunds. The remaining balance of N389.118 billion was distributed as follows: The Federal Government received the sum of N189.745 billion, states got N95.227 billion, LGAs received N73.416 billion, and derivation (13 percent to mineral producing states) got N32.730 billion.
According to a statement issued by the Federal Ministry of Finance, Budget and National Planning, the sum of N10.000 billion was deducted by the FIRS as cost of VAT collection, while the sum of N7.200 billion was given to transfers, savings, recoveries and refunds.
The statement which failed to give details about how much was collected by each of the agencies, simply reads: “From this amount, the sum of N23.494 billion was given for cost of collection and a total sum of N241.091 billion to transfers, savings and refunds.”
Meanwhile, FAAC shared the of sum of N750.174 billion to the three tiers of government, as revenue from the month of January. The amount is federation allocation for the month of January, 2023.
The amount is inclusive of gross statutory revenue, value added tax, electronic money transfer levies, augmentation from non-mineral revenue, and an additional sum of N15 billion from savings.
In the FAAC report that was released by the Federal Ministry of Finance, Budget and National Planning, government received N277.334 billion, the states received N244.975 billion, local government areas got N180.135 billion, while the mineral producing states received N32.730 billion as 13 percent derivation.
The additional N15 billion from savings, according to the committee at the end of the meeting, will be shared accordingly to the three tiers of government.
However, the balance in the Excess Crude Account (ECA) as at February 20th, 2023 stands at $473,754.57.
Petroleum profit tax, companies’ income tax, oil and gas royalties and electronic transfers all decreased considerably. VAT decreased marginally. However, import and excise duties increased, albeit marginally.
