• Advertise
  • Submit a Story
  • iReport
  • Contact
Sunday, July 3, 2022
No Result
View All Result
Niger Delta Connect
  • Home
  • Politics
  • Entertainment
  • Sports
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Articles
  • More Topics
    • Tori for Town
    • Shenkes
    • Law
    • Fashion
  • BBN
  • COVID-19
  • Home
  • Politics
  • Entertainment
  • Sports
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Articles
  • More Topics
    • Tori for Town
    • Shenkes
    • Law
    • Fashion
  • BBN
  • COVID-19
No Result
View All Result
No Result
View All Result
Home Business

March Allocation: ₦725.57bn Disbursed To FG, States, LGAs By FAAC

by Dio Dorcas
2 months ago
in Business
Share on WhatsappShare on FacebookShare on TwitterShare on Telegram

The Federation Account Allocation Committee (FAAC) distributed ₦725.571 billion in revenue generated in March 2022 to the federal government, states, and local governments.

FAAC
March Allocation: ₦725.57bn Disbursed To FG, States, LGAs By FAAC

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.

READ ALSO: FAAC: FG, States, LGs Share N697bn

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.

Tags: FAACLGAMARCH ALLOCATIONSTATES
SendShareTweetShare

Latest Stories

Intraparty intrigues stall selection of APC Vice Presidential Candidate
6 days ago
Morocco 2022: Pinnick charges Super Falcons to go all out for La Decima
6 days ago
Tonto Dikeh Defends Her Political Career Following Her Nomination As Rivers Deputy Guber Candidate
6 days ago
Over 97 Million Nigerian Mobile Lines Are Not In Use, But 301.5M Are Connected
6 days ago
BBN Mike Edwards Crowned 2-time Nigerian High Jump Champion
6 days ago
Justice Tanko Muhammad Resigns As CJN
6 days ago
Actress Ego Boyo Calls Out Filmmakers Who Remake Nollywood Classics
6 days ago
11 Key Activities for Creating Trust in Successful Relationships (Pt 2)
6 days ago




Recommended

Veteran singer, Daniel Wilson makes a big come back to music

Veteran singer, Daniel Wilson makes a big come back to music

1 year ago
Ondo Poly Matriculates 6,060 Students for 2020/2021 Academic Session

Breaking: Ondo Poly Workers Begins Indefinite Strike Over 11 months Unpaid salary

9 months ago
We may register more political parties ahead of 2023 polls – INEC

We may register more political parties ahead of 2023 polls – INEC

9 months ago
JUST IN: NECO releases 2020 SSCE results

JUST IN: NECO releases 2020 SSCE results

1 year ago

Follow Us

Most Popular

Rev Fr. Mbaka, Tread Softly

Rev Fr. Mbaka, Tread Softly

5 days ago
APC Presidential Primary: Beyond the Reinforced Hope, There is Brighter Prospect For Sustained Victory – Akeredolu

Intraparty intrigues stall selection of APC Vice Presidential Candidate

6 days ago
Caring More for the Widows in our Society

Caring More for the Widows in our Society

6 days ago




  • Home
  • Politics
  • Entertainment
  • Sports
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Articles
  • More Topics
    • Tori for Town
    • Shenkes
    • Law
    • Fashion
  • BBN
  • COVID-19
Menu
  • Home
  • Politics
  • Entertainment
  • Sports
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Articles
  • More Topics
    • Tori for Town
    • Shenkes
    • Law
    • Fashion
  • BBN
  • COVID-19
iReport

Follow Us

Facebook-f Twitter Youtube Instagram

© 2020 All rights Reserved. NIGER DELTA CONNECT

No Result
View All Result
  • Home
  • Politics
  • Entertainment
  • Sports
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Articles
  • More Topics
    • Tori for Town
    • Shenkes
    • Law
    • Fashion
  • BBN
  • COVID-19

© NigerDeltaConnect2020

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.