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FAAC Allocates N699.8bn To Three Tiers Of Govt

Oluwasina Phillip

The Federation Accounts Allocation Committee has shared a total of N699.82bn December 2021 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 FAAC for January 2022. 

The N699.824bn total distributable revenue comprised distributable statutory revenue of N507.267bn; distributable Value Added Tax revenue of  N187.4bn and Exchange Gain of N5.148bn.  

In December 2021, the total deductions for cost of collection was N30bn and  the total deductions for statutory transfers, refunds and savings was N36.64bn. The balance in the Excess Crude Account was $35.36m. 

The communiqué confirmed that from the total distributable revenue of N699.82bn; the federal government received N279.457bn, the state governments received N221.19bn and the local government councils received N163.87bn.

The sum of N35.29bn was shared to the relevant States as 13 per cent derivation revenue.

The distributable statutory revenue of N507.26bn was available for the month.

From this, the federal government received N248.88bn, the state governments received N126.23bn and the local government councils received N97.32bn. The sum of N34.82bn was shared to the relevant States as 13 per cent derivation revenue.  

In the month of December 2021, the gross revenue available from VAT was N201.25bn. This was higher than the N196.175bn available in the month of November 2021 by N5.08bn. 

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