By BENJAMIN ORISEMEKE, Abuja –
The Federation Accounts Allocation Committee (FAAC), has shared a total sum of N695.033 billion to the three tiers of government for the month of February, 2022.
At its virtual meeting held Tuesday, the federal government received N236.177 billion, the states got N190.007 billion, and the Local Government Councils took home N140.612 billion. The oil producing states received N23.750 billion as their share of 13 per cent derivation the sum of N23.989 billion was spent as Cost of Collection, just as N80.498 billion went to Transfers/Refunds.
A breakdown of the amount showed that gross revenue available from the Value Added Tax (VAT) for February, 2022 was N177.873 billion as against N191.222 billion distributed in the preceding month of January 2022, which is a decrease of N13.349 billion.
Federal government got N24.845 billion, States received N82.818 billion, Local Government Councils got N57.972 billion, while Cost of Collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.
The distributed Statutory Revenue of N429.681 billion, received for the month was higher than the sum of N396.432 billion received in the previous month by N33.249 billion, from which the federal government was allocated the sum of N165.248 billion, States got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and Cost of Collection received N16.874, while Transfers and Refund got N75.375 billion.
The communiqué also revealed that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally. However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable decreases.
It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N429.641billion, Value Added Tax (VAT) of N177.873 billion, Excess Bank Charges Recovered of N7.479 and Non Mineral Revenues of N80.000 billion.
The balance in the Excess Crude Account as at 22nd March, 2022 stands at $35.371million.
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