FAAC shares N590.546 billion to FG, States, LGAs for February

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From Abuja.

The Federation Accounts Allocation Committee (FAAC) says it shares N590.546 billion February 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.

In a statement in Abuja, Henshaw Ogubike, Director (Information, Press and Public Relations), Office of the Accountant General of the Federation said this was contained in a communiqué issued at the end of a virtual meeting of theFederation Account Allocation Committee (FAAC) for March 2022.

The N590.546 billion total distributable revenue comprised distributable statutory revenue of N337.432 billion; distributable Value Added Tax (VAT) revenue of N165.635 billion and Excess Bank Charges of N7.479 billion and Non-Mineral Revenue of N80.000 billion.

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In February 2022, the total deductions for the cost of the collection were N 23.989 billion and the total deductions for statutory transfers and refunds were N80.498 billion.

The balance in the Excess Crude Account (ECA) was $35.371million.

The communiqué confirmed that from the total distributable revenue of N590.546 billion; the Federal Government received N236.177 billion, the State Governments received N190.007 billion and the Local Government Councils received N140.612 billion. A total of N23.750 billion was shared to the relevant States as 13 per cent derivation revenue.

The distributable statutory revenue of N337.432 billion was available for the month. From this, theFederal Government received N165.248 billion, the State Governments received N83.816 billion and the Local Government Councils received N64.618 billion. The sum of N23.750 billion was shared to the relevant states as 13 per cent derivation revenue.

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In the month of February 2022, the gross revenue available from the Value Added Tax (VAT) was N177.873 billion. This was lower than the N191.222 billion available in the month of January 2022 by N13.349.

Edited by Dada Ahmed.

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