The Federation Accounts Allocation Committee (FAAC) in the month of February, distributed as revenue In February 2022, ₦659.03 billion to the Federal Government, state government and local governments.
FAAC shared this revenue amid plans by the Nigerian National Petroleum Corporation (NNPC) limited to remove ₦242.53 billion for subsidy.
This was made known via a statement on Tuesday by FAAC’s Director of Information, Mr Olajide Oshundun, after a virtual conference.
Breakdown of the allocation
From the amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the Federal Government received ₦236.177 billion, the states received ₦190.007 billion, the Local Government Councils got ₦140.612 billion, while the oil-producing states received ₦23.750 billion as derivation (13% of Mineral Revenue) and Cost of Collection received ₦23.989 billion and Transfer/ Refunds got ₦80.498 billion.
The Gross Revenue available from the Value Added Tax (VAT) for February 2022 was ₦177.873 billion as against ₦191.222 billion distributed in the preceding month of January 2022, resulting in a decrease of ₦13.349 billion.
Distribution of revenue
The Federal Government received ₦24.845 billion, the states received ₦82.818 billion, Local Government Councils got ₦57.972 billion, while Cost of Collection to FIRS and NCS got ₦7.115 billion and Allocation to NEDC project received ₦5.123 billion.
“The distributed Statutory Revenue of ₦429.681billion, received for the month was higher than the sum of ₦396.432 billion received in the previous month by ₦33.249 billion, from which the Federal Government was allocated the sum of ₦165.248 billion, states got ₦83.816 billion, LGCs got ₦64.618 billion, Derivation (13% Mineral Revenue) got ₦23.750 billion and Cost of Collection received ₦16.874, while Transfers and Refund got ₦75.375billion,” the communique stated.
It 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 ₦429.641billion, Value Added Tax (VAT) of ₦177.873 billion, Excess Bank Charges Recovered of ₦7.479 and Non-Mineral Revenues of ₦80.000 billion.
The balance in the Excess Crude Account as of 22nd March 2022 stands at $35.371million.
