FAAC: FG, States, LGCs Share N656.602bn Revenue

The Federation Account Allocation Committee (FAAC) has shared a total sum of N656.602billion as April 2022 Federation Account Revenue to the Federal Government, states and local government councils.
This was contained in a communiqué issued at the end of a virtual meeting of the FAAC for May 2022.
The N656.602billion total revenue comprised distributable statutory revenue of N461.189billion, Value Added Tax (VAT) revenue of N166.522billion, the sum of N8.891billion being excess bank charges recovered and augmentation of N20billion.
In April 2022, the total deductions for the cost of collection were N29.609billion and the total deductions for transfers and refunds were N147.651billion.
Director (Information, Press and Public Relations), Office of the Accountant General of Federation, HenshawOgubike, said in a statement, yesterday, that the balance in the Excess Crude Account (ECA) was $35.377million.
The communiqué confirmed that from the total distributable revenue of N656.602billion; the Federal Government received N257.611billion, State Governments got N201.256billion and the Local Government Councils received N149.251billion.
The sum of N48.485billion was shared to the relevant states as 13percent derivation revenue.
Gross statutory revenue of N635.037billion was received for the month of April 2022.
This was lower than the N933.304billion received in the previous month by N298.267billion.
From the N461.189billion distributable statutory revenue, the Federal Government received N217.412billion, the State Governments got N110.275billion and the Local Government Councils received N85.017billion.
The sum of N48.485billion was shared with the relevant States as 13percent derivation revenue.
In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825billion.
This was lower than the N219.504billion available in the month of March 2022 by N40.679billion.
From the N166.522billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978billion, the State Governments got N83.261billion and the Local Government Councils pocketed N58.283billion.
The Federal Government got N4.684billion; the State Governments received N2.376billion and the Local Government Councils pocketed N1.831billion from the N8.891billion Excess Bank Charges recovered.
The N20.00billion augmentation was shared as follows: the Federal Government received N10.536billion, the State Governments got N5.344billion and the Local Government Councils received N4.120billion.
According to the communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.