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FAAC shares N725.571bn March revenue to FG, states, LG

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N725.571 billion being the March 2022 federation account revenue to the federal, state and local governments, higher than N590.546 billion shared in February.

As contained in the communiqué issued at the end of FAAC meeting for April 2022, 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.

In March 2022, the total deductions for cost of collection was N44.411 billion and the total deductions for statutory transfers, refunds and savings was N382. 826 billion while the balance in the Excess Crude Account (ECA) was $35.372 million.

Out of the total distributable revenue of N725.571 billion, the federal government received N277.104 billion, the state governments received N227.201 billion and the Local Government Councils received N167.910 billion while a total of N53.356 billion was shared to the relevant States as 13 percent derivation revenue, the committee said.

“A gross statutory revenue of N933.304 billion was received for the month which was higher than the N429.681 billion received in the previous month by N503.623 billion.

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“The sum of N35.631 billion 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,” it stated.

Of the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, the State Governments received N125.000 billion and the Local Government Councils received N96.369 billion, while the sum of N53.356 billion was shared to the relevant States as 13 percent derivation revenue.

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

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

“From the N204.402 billion distributable VAT revenue, the Federal Government received N30.660 billion, the State Governments received N102.201 billion and the Local Government Councils received N71.541 billion.

“In the month of March 2022, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded tremendous increases,” it stated.