The Federation Account Allocation Committee (FAAC), at its Meeting this Monday shared a total sum of N750.174 billion to the three tiers of government, as Federation Allocation for the month of January 2023.
TAKE CAPTION:
The amount comprises Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levies (EMTL), Augmentation from Non-Mineral Revenue, and an additional sum of N15 billion from Savings.
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of January 2023 was N250.009 billion, as against N250.512 billion distributed in the preceding month, resulting in a decrease of N0.503 billion.
Accordingly, the Gross Statutory Revenue of N653.703 billion received for the month was lower than the previous month by N482.479 billion.
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, and EMTL all decreased considerably; Value Added Tax (VAT) decreased marginally while Import and Excise Duties increased marginally.
Balance in the Excess Crude Account (ECA) as of February 20th, 2023 stands at four hundred and seventy-three thousand, seven hundred and fifty-four point five seven dollars.
