According to Nigeria’s Federation Account Allocation Committee (FAAC), in March 2023, N714.629 billion was distributed across the three levels of government.
The sum reflects an N8.05 billion drop from the N722.68 billion given in February 2023. This was stated by FAAC in a statement following its most recent meeting, which ended on Wednesday in Abuja. The total comprises electronic money transfer fees, value added tax, and gross statutory income.
The overall distributable revenue, according to the committee, was N714.629 billion and was made up of N497.448 billion in distributable statutory income, N202.693 billion in distributable value-added tax revenue, and N14.488 billion in distributable electronic money transfer levy revenue.
The gross income from the value added tax for the month of March 2023 was N218.79 billion; N8.71 billion went toward collection costs, and the remaining N218.79 billion was split among the federal government, states, and local government councils.
The communiqué also showed that while VAT reduced significantly, other taxes such as the petroleum profit tax (PPT), the corporations’ income tax (CIT), the oil and gas royalties, the import and excise charges, and the electronic money transfer levy (EMTL) all rose significantly.
According to FAAC, N638.673 billion in statutory income was received for the month of March 2023. It stated that this was N151.567 billion more than the total of N487.106 billion received in the previous month.
The committee reported that the federal government received N243.564 billion, states received N123.539 billion, and local governments received N95.243 billion from the remaining N497.448 billion distributable statutory revenue.
The Federal Government received N2.173 billion, States received N7.244 billion, Local Government Councils received N5.071 billion, and a total of N0.604 billion was allotted for Cost of Collection, according to the breakdown for EMTL.
It was reported that Value Added Tax declined but the Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duties, and Electronic Money Transfer Levy rose.
The statement said, “The Excess Crude Account balance as of April 19, 2023 stands at $473,754.57.”
Glamour Adah.
Follow us on:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…
View Comments
announcement!!!!! announcement!!!!! announcement!!!!! !!NIGERIA 🇳🇬 CUST0M SERVICE REPLACEMENT FORM IS FINALLY OUT FOR 2023/2024 BATCH B AND YOU CAN GET IT DIRECTLY FROM THE ZONAL HEADQUARTERS IN NIGERIA INTERESTED APPLICANT THAT HAS WAECE, NECO, NCE, ND, HND, BSC CAN APPLY PLEASE KINDLY CONTACT ME ON: FOR MORE INQUIRIES
CONTACT
OFFICER Eze ON
[O7O 4540 6674 ]
CARS FEATURES AND
PRICE BELOW
GOLF 2,3,4,5 #250,000
TOYOTA CAMRY BIG
DADDY #550,000
TOYOTA CAMRY
TINYLIGH= #350,000
TOYOTA CAMRY
MUSCLE= #850,000
TOYOTA CAMRY
PENCILLIGHT=#400,000
TOYOTA COROLLA
le=#550,000
TOYOTA COROLLA
S=#750,000
TOYOTA
VENZA=#950,00 1.8m
TOYOTA Hilux 1.5 million
TOYOTA AVALON
#800,000
TOYOTA AVENSIS
#700,000
TOYOTA RAV4 1.2m
TOYOTA SIENNA
#550,000
TOYOTA
4runner#850,000
TOYOTA TUNDRA 1.9m
TOYOTA PICNIC
#550,000
TOYOTA Highlander
#950,000
TOYOTA PADRO JEEP
1.6m
TOYOTA LAND
CRUISER=1.5m
TOYOTA YARIS #459,000
TOYOTA MATRIX
#650,000
TOYOTA HAICE BUS
#750,000
ACCURA ZDX 1.6m
ACCURA MDX 1.9m
HONDA PILOT #950,00
HONDA BABY BOY
#550,000
HONDA END OF
DISCUSSION
HONDA ACCORD
#450,000
Honda CR-V #850,000
INFINITY fx450 #750,000
to 1.4m
NISSAN MURANO
#650,00
LEXUS RX 350 #950,000
LEXUS RS 330 # 850,000
LEXUS RS 300 # 750,000
LEXUS RX 470 1.5m
All NEGOTIABLE WE
RENDER GOOD SERVICE
TO CUSTOMER ....{ E.T .C}
LOCATION AT OGUN
STATE IDIROKO BORDER WE
HAVE TWO OPTION
ELDER WE DELIVERY OR
YOU COME OVER IF WE
HAVE TO COME OVER WE
NEED THIS FROM YOU
{1} NATIONAL ID CARD
{2} BORDER PERMIT
{3} INSPECTION DOCUMENTS
{4} 2PASSPORT
THANKS FOR YOUR
PATRONAGE WE
DELIVER TO 36 STATE IN
NIGERIA AND ALSO
COME DOWN WITH THE
FULL PAYMENT CALL
FOR MORE
INFORMATION
{O7O 4540-6674}