FAAC Rakes In N1.9trn In 3 Months Despite Non-Remittance By NNPC

The Federal Accounts Allocation Committee has disbursed the sum of N1.99 trillion in the first quarter of 2022 despite zero remittance by the Nigerian National Petroleum Company Ltd, (NNPC).

This comes in the wake of heavy borrowing by the federal government to the tune of N39 trillion, as well as revenue generation challenges.

According to Daily Trust, the Federation Accounts Allocation Committee (FAAC) from January to March 2022 showed that a total of N574.668 billion was shared in January 2022 among the federal government, states and local government councils.

The amount comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion.

In January 2022, the total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion.

In February, federal, state and local governments shared the sum of N695.033 billion as federation allocation by the Federation Accounts Allocation Committee (FAAC), for the month of February 20222.

Out of the N695 billion, gross revenue available was N177.873 billion, compared to N191.222 billion in January, while the federal government received the highest allocation of N239 billion from a total sum of N695.033 billion shared.

The communique at the end of the meeting says “From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank Charges, the federal government received N236.177 billion.

“The states received N190.007 billion, the Local Government Councils (LGs) got N140.612 billion, while the oil-producing states received N23.750 billion as derivation (13 per cent of Mineral Revenue)”.