FG, States, LGAs Share N590.546bn

The Federation Accounts Allocation Committee (FAAC) has shared N590.546billion February 2022 Federation Account Revenue to the Federal Government, 36 States and the Federal Capital Territory (FCT) and 774 Local Government Areas.
This was contained in a communiqué issued, yesterday, at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for March, 2022.
A breakdown shows that the N590.546billion total distributable revenue comprised distributable statutory revenue of N337.432billion; distributable Value Added Tax (VAT) revenue of N165.635billion and Excess Bank Charges of N7.479billion and Non-Mineral Revenue of N80.000billion.
In February 2022, the total deductions for cost of collection was N 23.989billion and the total deductions for statutory transfers and refunds was N80.498billion.
The balance in the Excess Crude Account (ECA) was $35.371million.
The communiqué confirmed that from the total distributable revenue of N590.546billion; the Federal Government received N236.177billion, the State Governments received N190.007billion and the Local Government Councils received N140.612billion.
A total of N23.750billion was shared to the relevant states as 13percent derivation revenue.
The distributable statutory revenue of N337.432billion was available for the month.
From this, the Federal Government received N165.248billion, the state governments received N83.816billion and the local government councils received N64.618billion.
The sum of N23.750billion was shared to the relevant states as 13percent derivation revenue.
In February, 2022, the gross revenue available from the Value Added Tax (VAT) was N177.873billion.
This was lower than the N191.222billion available in the month of January, 2022 by N13.349billion.
Also, N5.123billion allocation to NEDC and N7.115billion cost of collection were deducted from the N177.873billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N165.635billion.
From the N165.635billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.845billion, the state governments received N82.818billion and the local government councils received N57.972billion.
The Federal Government received N3.940billion from the total Excess Bank Charges of N7.479billion.
The state governments received N1.998billion, the local government councils received N1.541billion.
The Federal Government received N42.144billion, the state governments received N21.376billion and local government councils received N16.480billion from the N80.000billion Non-Mineral Revenue.
According to the communiqué, in the month of February, 2022, Petroleum Profit Tax (PPT) increased significantly while Oil and Gas Royalties increased marginally.
Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) recorded considerable decreases.