FAAC: FG, States, LGs Get N656.6bn Allocation For May 2022
The sum of N656.6 billion has been distributed to the three tiers of government as allocation for May 2022, a communiqué from the Director of Information, Press and Public Relations at the Office of the Accountant-General of the Federation, Henshaw Ogubike, has confirmed.
In the notice released after the rescheduled monthly Federation Account Allocation Committee (FAAC) meeting held on Thursday, it was gathered that the amount disbursed this month was lower than last month’s N725.6 billion.
It was stated that in April 2022, Petroleum Profit Tax (PPT) and excise duties increased marginally, while oil and gas royalties, import duty, Companies Income Tax (CIT) and VAT all recorded significant decreases.
The N656.6 billion total distributable revenue comprised distributable statutory revenue of N461.2 billion, distributable Value Added Tax (VAT) revenue of N166.5 billion and N8.9 billion being excess bank charges recovered as well as a N20.0 billion augmentation.
From the amount, the federal government got N257.6 billion; states were given N2013 billion, the local government councils shared N149.3 billion, while the relevant states received N48.5 billion as 13 per cent derivation revenue.
Analysis showed that from the N461.2 billion distributable statutory revenue, the federal government received N217.4 billion, the states received N110.3 billion, the local government councils got N85.0 billion, while the relevant states got N48.5 billion as 13 per cent derivation revenue.
Furthermore, from the N166.5 billion distributable VAT revenue, the federal government had N25.0 billion, states got N83.3 billion, while the local government councils received N58.3 billion.
In addition, from the recovered N8.8 billion excess bank charges, the federal government was given N4.7 billion; the state governments shared N2.4 billion, while the local government councils were given N1.8 billion.
As for the N20 billion augmentation, the federal government received N10.5 billion, the state governments got N5.3 billion, while the local government councils shared N4.1 billion.
At the close of business on Thursday, May 26, 2022, according to the disclosure, the amount left in the Excess Crude Account (ECA) was $35.377 million.