FAAC: FG, states, LGs share N695bn for February

The Federation Accounts Allocation Committee has shared N695.033bn to the three tiers of government as allocation for February.

Olajide Oshundun, the Deputy Director,  Information, Ministry of Finance, Budget and Planning, in a statement yesterday, said the Federal Government received the highest allocation of N239bn inclusive of Gross Statutory Revenue, Value Added Tax, non-mineral revenues and excess bank charges.

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He said the states received N190.007bn; LGs, N140.612bn; and the oil-producing states, N23.750bn as derivation (13 per cent of Mineral Revenue. He said N23.989bn was set aside as cost of revenue collection; while Transfer/Refunds got N80.498bn.

“The communiqué issued by the FAAC at the end of the meeting indicated that the Gross Revenue available from VAT for February 2022 was N177.873bn. This is against N191.222bn distributed in the preceding month of January.

 “This has resulted in a decrease of N13.349bn,” he said. 

He, however, said that the Federal Government got the lowest allocation of N24.845bn from VAT compared to the other two tiers of government. 

“The states received N82.818bn, Local Governments got N57.972bn, while Cost of Collection to the Federal Inland Revenue Service and the Nigeria Customs Service got N7.115bn and allocation to NEDC project received N5.123bn, ” he said. Oshundun said the distributed Statutory Revenue of N429.681bn, received for February was higher than the N396.432bn received in January by N33.249bn. 

He said Petroleum Profit Tax increased significantly, while oil and gas royalties increased marginally.