FG, States, LGs receive N725.5bn revenue in March

The Federation Accounts Allocation Committee (FAAC) says it has shared a total of N725.5 billion as Federation Account revenue for March to the Federal Government, states, and local government areas.

FAAC, in a communique issued at the end of its virtual meeting for April held on Wednesday, explained that the N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and the distributable Value Added Tax (VAT) revenue of N204.402 billion.

In March 2022, the total deductions for the cost of collection were N44.411 billion, and the total deductions for statutory transfers, refunds, and savings were N382. 826 billion. The balance in the Excess Crude Account (ECA) was $35.372 million.

The communique also confirmed that from the total distributable revenue of N725.571 billion, the Federal Government received N277.104 billion, the State Governments received N227.201 billion and the Local Government Councils received N167.910 billion.

A total of N53.356 billion was shared with the relevant States as 13 per cent derivation revenue.

Gross statutory revenue of N933.304 billion was received for the month which was higher than the N429.681 billion received in the previous month by N503.623 billion.

The sum of N35.631 billion cost of collection and N376.504 billion being amount for transfers, refunds, and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.

From the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, the State Governments received N125.000 billion and the Local Government Councils received N96.369 billion.

The sum of N53.356 billion was shared to the relevant states as 13 per cent derivation revenue.

In the month of March 2022, the gross revenue available from the Value Added Tax (VAT) was N219.504 billion.

This was higher than the N177.873 billion available in the month of February 2022 by N41.631 billion.

The sum of N6.322 billion allocation to NEDC and N8.780 billion cost of the collection were 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 N204.402 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N30.660 billion, the State Governments received N102.201 billion and the Local Government Councils received N71.541 billion.

According to the communique, in the month of March 2022, 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.