Excess Crude Account Is Now $474,754 – FAAC
This was stated in the communiqué that was released following the FAAC meeting in April 2023.
The entire distributable revenue of N714.629 billion was made up of N497.448 billion in distributable statutory revenue, N202.69 billion in distributable value-added tax (VAT), and N14.488 billion in distributable electronic money transfer levy (EMTL).
Deductions for transfers, refunds, and consulting fees totaled N126.567 billion, while deductions for the cost of the collection totaled N31.355 billion.
The Excess Crude Account (ECA) now has a balance of $473,754.57.
According to the communiqué, of the total N714.629 billion in distributable revenue, the federal government received N276.141 billion, the state governments N232.129 billion, and the LGAs N171.257 billion.
The relevant states received a total of N35.102 billion as a 13 percent derivation of income.
The gross statutory revenue for March was N638.673 billion, which was N151.567 billion more than the N487.106 billion received in the preceding month.
The gross revenue from the VAT was N218.786 billion, which was N22.013 billion less than the N240.799 billion available in February 2023.