FAAC disburses N695bn for February 2022 allocation

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The Federal, State and Local Governments shared the sum of N695.033 billion as federation allocation by the Federation Accounts Allocation Committee (FAAC), for the month of February 2022.

This was disclosed in a statement by Mr Olajide Oshundun, the Deputy Director, Information, Federal Ministry of Finance on Tuesday in Abuja.

 

The Gross Revenue available from VAT for February 2022 was N177.873 billion, compared to N191.222 billion in January resulting in a decrease of N13.349 billion.

The Finance Ministry director stated that Federal Government received the highest allocation of N239 billion from a total sum of N695.033 billion shared.

From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank Charges, the Federal Government received N236.177 billion. The states received N190.007 billion, the Local Government Councils (LGs) got N140.612 billion, while the oil-producing states received N23.750 billion as derivation (13 per cent of Mineral Revenue),” Oshundun said.

 

He added that N23.989 billion was set aside as the cost of revenue collection, while Transfer/Refunds got N80.498 billion.

 

The Ministry revealed that the Federal Government received the lowest allocation of N24.845 billion from VAT when compared to states receiving N82.818 billion, and Local Governments receiving N57.972 billion.

 

Cost of Collection to Federal Inland Revenue Service (FIRS) and Nigeria Customs Service got N7.115 billion, and allocation to NEDC project received N5.123 billion.

 

The Ministry also revealed distributed Statutory Revenue of N429.681 billion, received for February was higher than the sum of N396.432 billion received in January by N33.249, as Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally, with Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recording considerable decreases.

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