The Federation Accounts Allocation Committee (FAAC) disseminated a total sum of N725.57bn among the three tiers of government as federal allocation for the month of March 2022.
This implies a 23 per cent increase from the N590bn shared by the three tiers of government in February. The figure for March was released in a communique issued at the end of the committee’s monthly meeting held virtually.
The total revenue of N725.57bn, distributable for the current month, was drawn from Statutory Revenue of N521.16bn and Value Added Tax of N204.40bn.
From this stated amount, the Federal Government received N277.10bn. States received N227.2bn while the local government areas got N167.91bn. The communique also stated that oil-producing states received N53.35bn as derivation or 13 per cent of mineral revenue.
It added that the gross revenue available from the VAT-N204.40bn- was distributed as follows: Federal Government got N30.66bn, states received N102.20bn, while LGAs got N71.54bn.
Out of the N521.16bn statutory revenue, the Federal Government was allocated the sum of N246.44bn. States got N125.0bn, LGAs got N96.36nn, while oil-producing states received N53.35bn.
It added that the cost of VAT collection distributed for March was N8.78bn, while that of transfers/refunds/savings was N6.32bn. Also, the cost of collection of statutory revenue distributed was N35.63bn, while that of transfers/refunds/savings was N376.50bn.
The communiqué also revealed that “Petroleum Profit Tax , Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax and Value Added Tax all recorded tremendous increases.”
It also stated that the balance in the Excess Crude Account as of 27th April 2022 stood at $35.37m. FAAC had in February shared N590.546bn among the Federal Government, states and LGAs.
The sum comprises distributable statutory revenue of N337.432bn, distributable VAT revenue of N165.635bn, excess bank charges of N7.479bn and non-mineral revenue of N80bn.
