Business - Business & Economy - News - June 24, 2022

FAAC shares N680.78bn to three-tiers of govt. in May

MEDIATRACNET

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Acting Accountant General of the Federation, Chukwunyere Anamekwe

The Federation Account Allocation Committee (FAAC) shared a total of N680.783 billion to the Federal, State and Local Governments in May 2022, the office of the Acting Accountant General of the Federation disclosed on Friday in Abuja.

The disclosure was contained in a communiqué issued at the end of the FAAC meeting for June 2022 held in Abuja.

Details of the allocation showed that the N680.783 billion total distributable revenue comprised of statutory revenue accrual of N385.004 billion, Value Added Tax (VAT) revenue of N198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of N97.267 billion.

The gross statutory revenue of N589.952 billion for the month of May 2022, the communique said, was lower by about N45.085 billion than the N635.037 billion received in the previous month.

Also, during the month, the gross revenue of N213.179 billion realised from the Value Added Tax (VAT) was higher by N34.354 billion than the N178.825 billion in April 2022.

In addition, during the month, the communique disclosed that Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases, while revenue from Import Duty rose marginally, and Petroleum Profit Tax (PPT) and Excise Duties decreased marginally, just as Oil and Gas Royalties recorded significant decline.

Besides, the communique showed that during the month, the total deductions payable to the revenue generation agencies, namely Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as cost of revenue collection was about N36.996 billion, while total deductions for transfers and refunds to various statutory agencies was about N186.672 billion.

The balance in the Excess Crude Revenue Account (ECA) remained at about $35.377 million since October 2021.

From the total distributable revenue of N680.783 billion, the communique said the Federal Government received N229.563 billion, the State Governments N241.824 billion and the Local Government Councils N175.942 billion, while N33.454 billion was shared to the nine oil producing States as 13 percent derivation revenue.

Similarly, from the N198.512 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.777 billion, the State Governments N99.256 billion and the Local Government Councils N69.479 billion.

In addition, from the N97.267 billion Electronic Money Transfer Levy (EMTL) revenue, the Federal Government received N14.590 billion, the State Governments N48.634 billion and the Local Government Councils N34.043 billion.

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