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VAT revenue slides again as FG, others share N655.93b in April

By Joseph Chibueze, Abuja
19 May 2023   |   7:22 am
Revenue from the value-added tax (VAT) has continued its downward slide as the government could only generate N217.743 billion for April 2023, a figure that is N1.043 billion lower than the N218.786 billion generated in March.

VAT

Revenue from the value-added tax (VAT) has continued its downward slide as the government could only generate N217.743 billion for April 2023, a figure that is N1.043 billion lower than the N218.786 billion generated in March.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for May 2023.
According to the communiqué, the sum of N655.932 billion April 2023 Federation Account Revenue was shared with the federal government, states and local government councils.

It said the N655.932 billion total distributable revenue comprised distributable statutory revenue of N364.654 billion, distributable VAT revenue of N202.762 billion, Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50 billion augmentation from Forex Equalization revenue and N24 billion augmentation from the non-mineral revenue.

“In April 2023, the total deductions for the cost of collection was N28.108 billion and total deductions for transfers and refunds was N120.287 billion,” FAAC said.

It noted that the balance in the Excess Crude Account (ECA) was $473,754.57.

The communiqué stated 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 N160.6 billion. A total sum of N28.216 billion was shared with the relevant States as 13 per cent derivation revenue.

Gross statutory revenue of N497.463 billion was received for April 2023. This was lower than the sum of N638.673 billion received in the previous month by N141.21 billion.

From the N364.654 billion distributable statutory revenue, the Federal Government received N180.659 billion, the State Governments received N91.632 billion and the local government councils received N70.647 billion.

The sum of N21.716 billion was shared with the relevant States as 13 per cent derivation revenue.

A statement signed by the Director (Press and Public Relations), in the office of the Accountant-General of the Federation, Bawa Mokwa, noted that the Federal Government received N30.414 billion, the State Governments received N101.381 billion and the Local Government Councils received N70.967 billion from the N202.762 billion distributable VAT revenue.

“The N14.516 billion EMTL was shared as follows: the Federal Government received N2.177 billion, the State Governments received N7.258 billion and the Local Government Councils received N5.081 billion.

“The total revenue of N50 billion from Forex Equalization was shared thus: the Federal Government received N22.916 billion, the State Governments received N11.623 billion, the Local Government Councils received N8.961 billion and the sum of N6.500 billion was shared to the relevant States as 13 percent mineral revenue,” it stated.

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