FAAC Shares N714bn March revenue to FG, States, LGAs

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The balance in the Excess Crude Account (ECA) was $473,754.57.

The communiqué added that the gross statutory revenue of N638.673 billion was received for March 2023. This was higher than the sum of N487.106 billion received in the previous month by N151.567 billion.

For March 2023, it said the gross revenue available from the Value Added Tax was N218.786 billion, a figure lower than the N240.799 billion available in February 2023 by N22.013 billion. The federal government received N30.404 billion, the state governments received N101.347 billion and the local government councils received N70.943 billion from the N202.693 billion distributable Value Added Tax revenue.

Of the N14.488 billion Electronic Money Transfer Levy , the federal government received N2.173 billion, the state governments received N7.244 billion and the local government councils received N5.071 billion. According to the communiqué, in March 2023, Petroleum Profit Tax , Companies Income Tax , Oil and Gas Royalties, Import and Excise Duties, Electronic Money Transfer Levy increased remarkably while

 

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