President Muhammadu Buhari and all outgoing governors yesterday, received their final Federation Account allocations of N655. 932 billion
This was contained in the communique issued at the end of the Federation Account Allocation Committee (FAAC).
It indicated that the N655.932 billion total distributable revenue comprised statutory revenue of N364.654 billion, distributable Value Added Tax (VAT) revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue, as well as, N24.000 billion augmentation from the Non-mineral revenue.
The sum of N28.108 billion was given to the Federal Inland Revenue Service and Nigeria Customs Service as cost of collection.
A total of 120.287 billion was deducted for transfers and refunds to various accounts.
The balance in the Excess Crude Account (ECA) was $473,754.57
The communiqué showed that from the total distributable revenue of N655.932 billion; the Federal Government received N248.809 billion, the State Governments received N218.307 billion and the Local Government Councils received N160.600 billion.
A total sum of N28.216 billion was shared to the relevant States as 13% oil derivation revenue.
Gross statutory revenue of N497.463 billion was received for the month of April 2023.
This was lower than the sum of N638.673 billion received in the previous month by N141.210 billion.