The Federation Accounts Allocation Committee (FAAC) on Tuesday disclosed that it shared a total sum of N590.546 billion to the three tiers of government as federation account allocation for the month of February, 2022.
A statement by the Deputy Director, Ministry of Finance, Budget and National Planning, Mr. Tunde Oshundun, on behalf of the Director on the distributions to the governments indicated that 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 got N190.007 billion, the local government councils received N140.612 billion, while the oil producing states received N23.750 billion as 13% being their derivation entitlement from mineral resources revenue.
The communiqué issued by the FAAC at the end of its virtual meeting on the allocations to the tiers of government indicated that the gross revenue available from the Value Added Tax (VAT) for February, 2022 totalled N165.635 billion. The VAT distribution showed that the Federal Government got N24.845 billion, the states N82.818 billion, and local government councils N57.972 billion.
The distributed Statutory Revenue for the month totaled N337.432 billion, out of which the Federal Government was allocated the sum of N165.248 billion, the states, N83.816 billion; local government councils, N64.618 billion; while on 13% mineral revenue derivation entitlement the affected states got N23.750 billion.
The communiqué also reflected 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 N337.432 billion, Value Added Tax (VAT) of N165.635 billion, Excess Bank Charges Recovered of N7.479bn and Non Mineral Revenues of N80.000 billion.
The FAAC disclosed that as at 22nd February, the balance in the Excess Crude Account (ECA), stood at $35.371million.
