Business & Economy - News - April 28, 2022

Federal, States, Local Govts, share N725.6bn FAAC allocation for March

MEDIATRACNET

The three tiers of government, consisting Federal, States and Local Government Councils, shared a total of N725.57 billion allocation as total distributable revenue from the Federation Account Allocation Committee (FAAC) for March 2022, the report from the FAAC Secretariat revealed on Thursday.

The total distributable revenue comprised of the total distributable statutory revenue of N521.169 billion and the distributable Value Added Tax (VAT) revenue of N204.402 billion.

The report further revealed that the total distributable revenue came from the gross statutory revenue collection of about N933.304 billion for the month from three streams, including crude oil exports, value added tax and earnings from tax.

The total revenue collection for the month, the report said, was higher than the N429.68 billion realized in February by about N503.623 billion.

Statutory deductions for cost of collection to the various revenue collection agencies, namely the Federal Inland Revenue Service FIRS), Nigeria Customs Service and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

During the month, the total deductions for cost of collection was about N44.411 billion and the total deductions for statutory transfers, refunds and savings was N382. 826 billion. The balance in the Excess Crude Account (ECA) was $35.372 million.

These details were contained in a communiqué issued at the end of a virtual FAAC meeting held in Abuja.

The communiqué showed that the Federal Government received about N277.104 billion as share of the revenue allocation, while the 36 State Governments received N227.201 billion, and the 774 Local Government Councils received N167.910 billion. A total of N53.356 billion was shared to the relevant oil bearing States as 13 percent derivation revenue.

From the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, the State Governments N125.000 billion and the Local Government Councils N96.369 billion. About N53.356 billion was shared to the relevant States as 13% derivation revenue.

In the month of March 2022, the gross revenue available from the Value Added Tax (VAT) was N219.504 billion, which was higher than the N177.873 billion received from February 2022 by N41.631 billion.

About N6.322 billion allocation was to North East Development Commission (NEDC), while about N8.780 billion cost of collection was deducted from the N219.504 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N204.402 billion.

From the distributable VAT revenue, the Federal Government received N30.660 billion, the State Governments N102.201 billion and the Local Government Councils N71.541 billion.

During the month, the report said Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded tremendous increases.

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