The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N590.546 billion being the February 2022 federation account revenue to the federal, states and local governments.
According to the committee, the total distributable revenue comprised distributable statutory revenue of N337.432 billion; N165.635 billion distributable value added tax (VAT) revenue, N7.479 billion excess bank charges and non mineral revenue of N80.000 billion.
“The total deductions for cost of collection in the month of February was N23.989 billion and the total deductions for statutory transfers and refunds was N80.498 billion.
“The balance in the Excess Crude Account (ECA) was $35.371million,” it stated.
The communiqué issued at the end of the committee’s meeting confirmed that from the total distributable revenue of N590.546 billion; the federal government received N236.177 billion, the state governments received N190.007 billion and the local government councils received N140.612 billion.
While a total of N23.750 billion was shared to the relevant states as 13 percent derivation revenue.
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It also stated that of the N337.432 billion distributable statutory revenue available for the month, the federal government received N165.248 billion, the state governments received N83.816 billion and the local government councils received N64.618 billion.
Similarly, of the N165.635 billion distributable Value Added Tax (VAT) revenue, the federal government received N24.845 billion, the state governments received N82.818 billion and the local government councils received N57.972 billion.
“The sum of N5.123 billion allocation to NEDC and N7.115 billion cost of collection were deducted from the N177.873 billion gross VAT revenue, resulting in the distributable Value Added Tax (VAT) revenue of N165.635 billion.
“The Federal Government received N3.940 billion from the total excess bank charges of N7.479 billion, the state governments received N1.998 billion, while the local government councils received N1.541.
“Also, the federal government received N42.144 billion, the state governments received N21.376 billion and local government councils received N16.480 billion from the N80.000 billion non mineral revenue.
“Petroleum Profit Tax (PPT) increased significantly while Oil and Gas Royalties increased marginally. Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) recorded considerable decreases,” it said.
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