FAAC Shares N725.571bn To FG – States And LGs

Federation Account Allocation Committee (FAAC) has shared a total sum of N725.571 billion with the federal government, states, and local government councils as March 2022 Federation Account revenue.

Gatekeepers News reports that this was revealed in a communiqué issued at the end of a virtual meeting of the FAAC for April 2022.

In the communiqué, the Director (Information, Press and Public Relations), Office of the Accountant General of the Federation, Henshaw Ogubike said the N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and distributable Value Added Tax (VAT) revenue of N204.402 billion.

Meanwhile, the total deductions for the cost of collection amounted to N44.411 billion while the total deductions for statutory transfers, refunds, and savings stood at N382. 826 billion.

From the total distributable revenue, the federal government received N277.104 billion, N227.201 billion went to the state governments and the local government councils received N167.910 billion.

Meanwhile, relevant states received a total of N53.356 billion as 13 per cent derivation revenue.

In the month under review, gross statutory revenue of N933.304 billion was received which was higher than the N429.681 billion received in the previous month by N503.623 billion.

The sum of N35.631 billion which was the cost of collection and N376.504 billion being the amount for transfers, refunds, and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.

From the N521.169 billion distributable statutory revenue, the federal government received N246.444 billion, states got N125.000 billion and the local government councils received N96.369 billion.

The sum of N53.356 billion was shared with the relevant states as 13 per cent derivation revenue.

Also in March, the gross revenue available from the Value Added Tax (VAT) pool was N219.504 billion, which was higher than the N177.873 billion available in the preceding month by N41.631 billion.

The sum of N6.322 billion which was allocated to NEDC and N8.780 billion cost of collection were deducted from the N219.504 billion gross VAT revenue, resulting in the distributable VAT revenue of N204.402 billion.

From the N204.402 billion distributable VAT revenue, N30.660 billion went to the federal government; state governments received N102.201 billion while the local government councils got N71.541 billion.

Also in March, the Petroleum Profit Tax (PPT), oil and gas royalties, import and excise duties, Companies Income Tax (CIT), and VAT recorded a tremendous increase.

As of April 27, 2022, the balance in the Excess Crude Account (ECA) was $35.372 million.