FAAC: FG, States, LGAs Share N590.546 Billion In February - 9japarrot

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Tuesday, 22 March 2022

FAAC: FG, States, LGAs Share N590.546 Billion In February



The Federation Accounts Allocation Committee (FAAC) has shared N590.546 billion as February 2022  Federation Account Revenue to the Federal Government, 36 States and the Federal Capital Territory (FCT) and 774 Local Government Areas.   

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for March 2022. 

A breakdown shows that the N590.546 billion total distributable revenue comprised distributable statutory revenue of N337.432 billion; distributable Value Added Tax (VAT) revenue of  N165.635 billion and Excess Bank Charges of N7.479 billion as well as Non Mineral Revenue of N80.000 billion.   

In February 2022, the total deductions for cost of collection was N 23.989 billion and  the total deductions for statutory transfers and refunds was N80.498 billion.

According to the communique, balance in the Excess Crude Account (ECA) was $35.371million, just as it   confirmed that from the total distributable revenue of N590.546 billion; the Federal Government received N236.177 billion, State Governments got N190.007 billion while the Local Government Councils received N140.612 billion. A total of N23.750 billion was shared to the relevant states as 13per cent derivation revenue.

The distributable statutory revenue of N337.432 billion was available for the month. Out of this, the Federal Government received N165.248 billion, the State Governments received N83.816 billion and the Local Government Councils received N64.618 billion. The sum of N23.750 billion was shared to the relevant states as 13 per cent derivation revenue.   

In February 2022, the gross revenue available from the Value Added Tax (VAT) was N177.873 billion.  This was lower than the N191.222  billion available in the month of January 2022 by N13.349 billion.  N5.123 billion allocation to NEDC and N7.115 billion cost of collection were deducted from the N177.873 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N165.635 billion.

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