FG, states, LGAs share N725.5bn revenue for March

The federal, states and local governments have shared N725.571 billion, being revenue for March, 2022.

This was contained in a communiqué issued yesterday at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for April, 2022. 

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The N725.571bn total distributable revenue comprised distributable statutory revenue of N521.169bn and distributable Value Added Tax (VAT) revenue of N204.402bn.   

The total deduction for cost of collection was N44.411bn and the total deductions for statutory transfers, refunds and savings was N382. 826bn.

The balance in the Excess Crude Account (ECA) was $35.372mn during the period.

The communiqué indicated that from the total distributable revenue of N725.571bn; the federal government received N277.104bn, states received N227.201bn and local government councils received N167.910bn. A total of N53.356bn was shared to the relevant states as 13 per cent derivation revenue.

A gross statutory revenue of N933.304bn was received for the month which was higher than the N429.681bn received in the previous month by N503.623bn.  

The sum of N35.631bn cost of collection and N376.504bn being amount for transfers, refunds and savings were deducted from the N933.304bn gross statutory revenue, resulting in the distributable statutory revenue of N521.169bn.

From the N521.169bn distributable statutory revenue, the federal government received N246.444bn, states received N125.000bn and local government councils received N96.369bn. The sum of N53.356bn was shared to the relevant states as 13 per cent derivation revenue.  

In the month of March, 2022, the gross revenue available from the VAT was N219.504bn. This was higher than the N177.873bn available in the month of February, 2022, by N41.631bn. 

The sum of N6.322bn allocation to NEDC and N8.780bn cost of collection were deducted from the N219.504bn gross VAT revenue, resulting in the distributable VAT revenue of N204.402bn. 

From the N204.402bn distributable VAT revenue, the federal government received N30.660bn, the states received N102.201bn and local government councils received N71.541bn.

According to the communiqué, in the month of March, 2022, Petroleum Profit Tax (PPT), oil and gas royalties, import and excise duties, Companies Income Tax (CIT) and VAT all recorded tremendous increases.