Business & Economy - National - News - May 26, 2022

Federal, States, Local Govts. share N656.6 bn FAAC allocation for April 2022

MEDIATRACNET

The three tiers of government, made up of the Federal, States and Local Government Councils shared a total of N636.6 as statutory allocations from the Federation Account for April 2022.

Details of the allocations were contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022 held in Abuja.

The communique from the Office of the Accountant General of the Federation said the N656.6 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion; distributable Value Added Tax (VAT) revenue of N166.522 billion; N8.891 billion as Excess Bank Charges Recovered and augmentation revenue of N20 billion.

The communique said in April 2022, the total deductions for cost of collection by the revenue agencies was N29.609 billion and total deductions for transfers and refunds was N147.651 billion.

The revenue agencies inclide the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The communiqué showed that from the total distributable revenue of N656.602 billion, the Federal Government received N257.611 billion, the State Governments N201.256 billion and the Local Government Councils N149.251 billion. About N48.485 billion was shared to the nine oil producing States as 13 percent derivation revenue.

A gross statutory revenue of N635.037 billion received for the month of April 2022 was lower than the N933.304 billion received in the previous month by about N298.267 billion.

The Communiqué further revealed 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 Value Added Tax (VAT) all recorded significant decreases.

From the N461.189 billion distributable statutory revenue, the Federal Government received N217.412 billion, the State Governments N110.275 billion and the Local Government Councils N85.017 billion, while about N48.485 billion was shared to the relevant States as 13 percent derivation revenue.

Also, during the month, the gross revenue available from the Value Added Tax (VAT) was about N178.825 billion, which was lower than the N219.504 billion available in the month of March 2022 by N40.679 billion.

From the N166.522 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978 billion, the State Governments N83.261 billion and the Local Government Councils N58.283 billion.

From the N8.891 billion collection as Excess Bank Charges Recovered, the Federal Government received N4.684 billion; the State Governments N2.376 billion and the Local Government Councils N1.831 billion.

The N20 billion augmentation revenue was shared as follows: the Federal Government N10.536 billion, the State Governments N5.344 billion and the Local Government Councils N4.120 billion.

The balance in the Excess Crude Account (ECA) was about $35.377 million.

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Nigeria among 13 OPEC members producing over 80% of global crude oil reserves, says Sylva

MEDIATRACNET Nigeria is leading six other African countries in the 13-members Organisation…