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FAAC shares N725. 571bn March 2022 revenue to FG, States, LGs

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THE Federation Account Allocation Committee (FAAC) has shared a total sum of N725.571 billion March 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 Federation Account Allocation Committee (FAAC) for April 2022.

The communique explained that N725.571bn total distributable revenue comprised distributable statutory revenue of N521.169bn and distributable Value Added Tax (VAT) revenue of N204.402bn.

In March 2022, the total deductions for cost of collection was N44.411bn and total deductions for statutory transfers, refunds and savings was N382. 826bn.

The balance in the Excess Crude Account (ECA) was $35.372 million, the communique stated.

The  Director of Information of the Office of the Accountant-General of the Federation, Henshaw Ogubike, who issued the communique, confirmed that from the total distributable revenue of N725.571bn, the Federal Government received N277.104bn, state governments received N227.201bn and local government councils received N167.910bn.

Ogubike further stated that a total of N53.356bn was shared to the relevant states as 13 per cent derivation revenue.

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The communique noted that a gross statutory revenue of N933.304bn was received for the month, which was higher than the N429.681bn received in the previous month by N503.623bn.

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

From the N521.169bn distributable statutory revenue, the Federal Government received N246.444bn, state governments received N125bn and local government councils received N96.369bn. The sum of N53.356bn was shared to the relevant states as 13 per cent derivation revenue.

In the month of March 2022, the gross revenue available from VAT was N219.504nn. This was higher than the N177.873bn available in the month of February 2022 by N41.631bn.

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

From the N204.402bn distributable VAT revenue, the Federal Government received N30.660bn, state governments received N102.201bn and local government councils received N71.541bn.

According to the communiqué, in the month of March 2022, petroleum profit tax (PPT), oil and gas royalties, import and excise duties, companies income tax (CIT) and VAT all recorded tremendous increases.

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