Revenue available for sharing by the three tiers of government slumped by N88.969 billion in one month.
While N725.571 billion was shared by the Federation Account Allocation Committee (FAAC) to the Federal Government, 36 states and the FCT and 774 local government areas in March, N636.602 billion was distributed in April.
No reason has been given for the staggering slump in revenue but may not be unconnected with low production capacity, the economic repercussions arising from the Russia-Ukraine war and others.
According to a communiqué issued at the end of a virtual FAAC meeting, the N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20 billion.
In April, the total deductions for cost of collection was N29.609 billion and total deductions for transfers and refunds was N147.651 billion.
The balance in the Excess Crude Account (ECA) was $35.377 million, showing a $5,000 gain when compared to $35,372 million balance of the preceding month.
The communiqué confirmed that from the total distributable revenue of N656.602 billion; the Federal Government received N257.611 billion, the state governments received N201.256 billion and the local governments received N149.251 billion. The sum of N48.485 billion was shared to the relevant states as 13 per cent derivation revenue.
A gross statutory revenue of N635.037 billion was received in April.
This was lower than the N933.304 billion received in the previous month by N298.267 billion.
