The Federation Account Allocation Committee (FAAC) distributed ₦725.571 billion in revenue generated in March 2022 to the federal government, states, and local governments.
This was stated in a communiqué issued after the FAAC’s April virtual meeting.
According to the communiqué, the ₦725.571 billion total distributable revenue included ₦521.169 billion in statutory revenue and ₦204.402 billion in Value Added Tax (VAT) revenue.
The total deductions for the cost of collection in March 2022 were ₦44.411 billion, and the total deductions for statutory transfers, refunds, and savings were ₦382. 826 billion. The Excess Crude Account (ECA) balance was $35.372 million.
The communiqué confirmed that the federal government received ₦277.104 billion from the total distributable revenue of ₦725.571 billion, the 36 state governments and the FCT received ₦227.201 billion, and the 774 local government areas received ₦167.910 billion. As a result of the 13% derivation revenue, a total of ₦53.356 billion was distributed to the relevant states.
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The gross statutory revenue for the month was ₦933.304 billion, which was ₦503.623 billion higher than the N429.681 billion received the previous month. The sum of ₦35.631 billion for collection costs and ₦376.504 billion for transfers, refunds, and savings were deducted from the ₦933.304 billion gross statutory revenue, resulting in ₦521.169 billion in distributable statutory revenue.
The federal government received ₦246.444 billion of the ₦521.169 billion in distributable statutory revenue, state governments received ₦125.000 billion, and local governments received ₦96.369 billion. As a result of the 13 per cent derivation revenue, a total of ₦53.356 billion was distributed to the relevant states.
The gross revenue available from VAT in March 2022 was ₦219.504 billion. This was ₦41.631 billion more than the ₦177.873 billion available in February 2022.
The sum of ₦6.322 billion allocated to NEDC and ₦8.780 billion in costs of the collection were deducted from the ₦219.504 billion gross VAT revenue, yielding ₦204.402 billion in distributable VAT revenue.
The Federal Government received ₦30.660 billion of the ₦204.402 billion in distributable VAT revenue, state governments received ₦102.201 billion, and local governments received ₦71.541 billion.
According to the communiqué, the Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and VAT all increased dramatically in March 2022.
