FAAC: FG, states, LGAs share N636bn as allocation in April -- down by N89bn

FAAC: FG, states, LGAs share N636bn as allocation in April — down by N89bn

May 27

18:43 2022

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The federation account allocation committee (FAAC) says it shared N636.602 billion with the federal government, states, and local governments for April 2022.

FAAC said this in a communiqué it issued at the end of a virtual meeting for May 2022.

The figure represents a decrease of N88.968 billion or 13.08 percent compared to March when the three tiers of government shared N725.57 billion.

According to the communiqué, in the month of 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) decreased significantly.

The total distributable revenue of N636.602 billion comprised distributable statutory revenue of N461.189 billion, distributable value-added tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being excess bank charges recovered, and an augmentation of N20.000 billion.

In the same month, the total deduction for the cost of collection was N29.609 billion and the total deduction for transfers and refunds was N147.651 billion.

The federal government received N257.611 billion, states received N201.256 billion, and local government areas received N149.251 billion.

The communiqué added that the gross statutory revenue of N635.037 billion was received for the month of April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion.

It highlighted the break down of the N461.189 billion distributable statutory revenue as follows; federal government received N217.412 billion, states received N110.275 billion and local government areas received N85.017 billion.

On the value-added tax (VAT) revenue, federal government received N24.978 billion, state received N83.261 billion and local governments received N58.283 billion.

The N20.00 billion augmentation was shared as follows: the federal government received N10.536 billion, the states received N5.344 billion and the local governments received N4.120 billion.

Additionally, the sum of N48.485 billion was shared with the relevant states as 13 percent derivation revenue.

The communiqué added that the balance in the excess crude account (ECA) stood at $35.37 million.