FAAC Shares N725.571bn To FG, States, LGs

The Federation Account Allocation Committee (FAAC) has shared N725.571billion as March 2022 federation account revenue to the Federal Government, states and local government councils.
The N725.571billion total distributable revenue comprised distributable statutory revenue of N521.169billion and distributable Value Added Tax (VAT) revenue of N204.402billion.
This was contained in a communiqué issued at the end of a virtual meeting of FAAC for April 2022.
In March 2022, the total deduction for cost of collection was N44.411billion and the total deductions for statutory transfers, refunds and savings was N382. 826billion.
The balance in the Excess Crude Account (ECA) was $35.372million.
From the total distributable revenue of N725.571billion; the Federal Government received N277.104billion, the state governments received N227.201billion and the local government councils received N167.910billion.
A total of N53.356billion was shared to the relevant states as 13percent derivation revenue.
A gross statutory revenue of N933.304billion was received for the month which was higher than the N429.681billion received in the previous month by N503.623billion.
The sum of N35.631billion cost of collection and N376.504billion being amount for transfers, refunds and savings were deducted from the N933.304billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169billion.
From the N521.169billion distributable statutory revenue, the Federal Government received N246.444billion, the state governments received N125billion and the local government councils received N96.369billion.
The sum of N53.356billion was shared to the relevant states as 13percent derivation revenue.
In the month of March 2022, the gross revenue available from the VAT was N219.504billion.
This was higher than the N177.873billion available in the month of February 2022 by N41.631billion.
The sum of N6.322billion allocation to NEDC and N8.780billion cost of collection were deducted from the N219.504billion gross VAT revenue, resulting in the distributable VAT revenue of N204.402billion.
From the N204.402billion distributable VAT revenue, the Federal Government received N30.660billion, the state governments received N102.201billion and the local government councils received N71.541billion.
According to the communiqué, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT), all recorded tremendous increases.