April 28, 2023/Coronation Report

The latest gross monthly distribution for the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N714.6bn in April (from March revenue).

This was a decline of -1.1% or N8bn from the previous payout (N722.7bn recorded in February). From thin coverage in the local media, we learnt that the take from companies’ income tax, electronic money transfer levy, import and excise duty, and oil and gas royalties recorded substantial increases over the previous month, while receipt from VAT was significantly lower. The NNPC has made zero remittances to the federation account since 2022.

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