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Federal Allocation Rises By N15.8bn As FAAC Shares N590.54bn To Three Tiers Of Govt

Oluwasina Phillip

The Federation Account Allocation Committee (FAAC) has shared the sum of N590.546bn to the Federal Government, States and Local Government Councils for the month of February.

The amount represents an increase of N15.8bn when compared to the N574.7bn distributed in the previous month of January.  

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for March 2022. 

The N590.54bn comprises statutory revenue of N337.43bn; Value Added Tax (VAT) revenue of N165.63bn, excess bank charges of N7.47bn and non-mineral revenue of N80bn.  

It added that the total deduction for cost of collection to revenue generating agencies was N23.98bn while deduction for statutory transfers and refund was put at N80.49bn.

The balance in the Excess Crude Account (ECA) was $35.371m. 

The communiqué confirmed that from the total distributable revenue of N590.54bn the Federal Government received N236.1bn, the State Governments got N190bn and the Local Government Councils received N140.6bn. A total of N23.75bn was shared to the relevant States as 13 per cent derivation revenue.

The distributable statutory revenue of N337.43bn was available for the month. From this, the Federal Government received N165.2bn, the State Governments got N83.8bn and the Local Government Councils received N64.61bn. The sum of N23.75bn was shared to the relevant States as 13 per cent.

According to the Communiqué, Petroleum Profit Tax (PPT) increased significantly while Oil and Gas Royalties increased marginally.

It stated that Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) recorded considerable decrease.

ENDS

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