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FAAC Shares N656.602bn April 2022 Revenue to FG, States, LGs

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The Federation Account Allocation Committee (FAAC) has shared a total of N636.602 billion as April 2022 Federation Account revenue to the federal government, states and local government councils.

This was contained in a communiqué issued at the end of the Committee’s virtual meeting in May 2022.

Citing the communique, the Director (Information, Press and Public Relations), Office of the Accountant-General of the Federation, Henshaw Ogubike said the N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, and N8.891 billion being Excess bank charges recovered as well as a N20 billion augmentation.

In April 2022, the total deductions for cost of collection was N29.609 billion while total deductions for transfers and refunds was N147.651 billion.

The communiqué confirmed that from the total distributable revenue of N656,.602 billion, the federal government received N257.611 billion; states received N201.256 billion while the local government councils received N149.251 billion.

The sum of N48.485 billion was shared to the relevant States as 13 per cent derivation revenue. A gross statutory revenue of N635.037 billion was received for the month of April.

This was lower than the N933.304 billion received in the preceding month by N298.267 billion.

From the N461.189 billion distributable statutory revenues, the federal government received N217.412 billion; the states got N110.275 billion while the local government councils received N85.017 billion.

The sum of N48.485 billion was shared to the relevant states as 13 per cent derivation revenue.

In the month of April, the gross revenue available from VAT was N178.825 billion, an amount which was lower than the N219.504 billion available in the month of March 2022 by N40.679 billion.

From the N166.522 billion distributable VAT revenue, the federal government received N24.978 billion, states received N83.261billion and the local government councils received N58.283 billion.

From the recovered N8.831billion Exchange Bank Charges, the federal government received N4.684 billion; the state governments received N2.376 billion and the local government councils received N1. 831billion.

The N20 billion augmentation was shared as follows: the federal government received N10.536 billion, the state governments received N5.344 billion and the local government councils received N4.120 billion.

According to the communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

The balance in the Excess Crude Account (ECA) stood at $35.377 million as at May 26, 2022.

Nigerian states are heavily dependent on Federation Account Allocation Committee (FAAC) allocations to augment their internally generated revenues.

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