FAAC: N725.5bn March Revenue Shared By FG, States, LGAs

The Federation Account Allocation Committee (FAAC) report reveals that N725.571 billion for March, 2022 revenue has been shared by federal, states and local governments.

This revenue disbursement comprised distributable statutory revenue of N521.169bn and distributable Value Added Tax (VAT) revenue of N204.402bn.

The total deductions for statutory transfers, refunds and savings was N382. 826bn and the total deduction for cost of collection was N44.411bn.

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The balance in the Excess Crude Account (ECA) was $35.372mn during the period.

The report also indicated that from the total distributable revenue of N725.571bn; the federal government received N277.104bn, states received N227.201bn and local government councils received N167.910bn.

As 13 per cent derivation revenue, a total sum of N53.356bn was shared to the relevant states.

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

Additionally, The sum of N35.631bn cost of collection and N376.504bn being amount for transfers, refunds and savings were deducted from the N933.304bn gross statutory revenue, resulting in the distributable statutory revenue of N521.169bn.

According to the data, From the N521.169bn distributable statutory revenue, the federal government received N246.444bn, states received N125.000bn and local government councils received N96.369bn. The sum of N53.356bn was shared to the relevant states as 13 per cent derivation revenue.

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

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

From the N204.402bn distributable VAT revenue, the federal government received N30.660bn, the states received N102.201bn and local government councils received N71.541bn.

Meanwhile, Petroleum Profit Tax (PPT), oil and gas royalties, import and excise duties, Companies Income Tax (CIT) and VAT all recorded tremendous increases in the month of March, 2022.