The Federation Accounts Allocation Committee (FAAC), has distributed a total of N695.033 billion to the three tiers of government as federation allocation for the month of February, 2022.
This represents an increase from N574.668 billion shared in the month before.
According to a communiqué issued at the end of FAAC virtual meeting, the N695.033 billion total distributable revenue was drawn from Statutory Revenue of N429.641billion, Value Added Tax (VAT) of N177.873 billion, Excess Bank Charges Recovered of N7.479 and Non Mineral Revenues of N80.000 billion.
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 got N140.612 billion, while the oil producing states received N23.750 billion as derivation (13% of Mineral Revenue) and Cost of Collection received N23.989 billion and Transfer/ Refunds got N80.498 billion.
The Gross Revenue available from the Value Added Tax (VAT) for February, 2022 was N177.873 billion as against N191.222 billion distributed in the preceding month of January 2022, resulting in a decrease of N13.349 billion.
The distribution is as follows: “Federal Government got N24.845 billion, the States received N82.818 billion, Local Government Councils got N57.972 billion, while Cost of Collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.”
The distributed Statutory Revenue of N429.681 billion, received for the month was higher than the sum of N396.432 billion received in the previous month by N33.249 billion, from which the Federal Government was allocated the sum of N165.248 billion, States got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and Cost of Collection received N16.874, while Transfers and Refund got N75.375 billion.
According to a statement by the Director of Press, Information and Public Relations in the Office of the Accountant General of the Federation, Mr Henshaw Ogubike on Tuesday, the communiqué also revealed that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally. However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable decreases.
The balance in the Excess Crude Account as at 22nd March, 2022 stands at $35.371million.
