FG, States, LGs share N574.7b January allocation

The Federation Accounts Allocation Committee (FAAC) yesterday shared a total of N574.668 billion as January 2022 revenue to the federal, state and local government councils.

This was contained in a communiqué issued at the end of a virtual meeting of the FAAC.

The N574.668 billion shared was N125.156 billion lower than the N699.824 billion shared in the preceding month of December 2021.

The N574.668 billion total distributable revenue comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and Non Mineral Revenue of N100.000 billion.

Total deductions for cost of collection was N25.421 billion while the total deductions for statutory transfers, refunds and savings was N92.767 billion.

According to the communique, the total distributable revenue of N574.668 billion saw the federal government receiving N204.580 billion, states received N179.251 billion while the local government councils received N131.878 billion.

A total of N58.959 billion was shared to the relevant states as 13 per cent derivation revenue.

The distributable statutory revenue of N291.400 billion was available for the month.

From this, the federal government received N122.749 billion, the state governments received N62.260 billion, and the local governments received N48.000 billion.

The sum of N58.391billion was shared to the relevant states as 13 per cent derivation revenue.

Gross revenue available from VAT in the month of January was N191.222 billion, which was lower than the N201.255 billion available in the preceding month of December 2021 by N10.033 billion.

The communique revealed that the sum of N5.507 billion allocation to North East Development Commission (NEDC) and N7.649 billion cost of collection were deducted from the N191.222 billion gross VAT revenue, resulting in the distributable VAT revenue of N178.066 billion.

From the N178.066 billion distributable VAT revenue, the federal government received N26.710 billion, states received N89.033 billion and the local governments, N62.323 billion.

From the total Exchange Gain of N5.202 billion, the federal government received N2.441 billion while the states and local governments got N1.238 billion, and N0.955 billion respectively

The sum of N0.568 billion was shared to the relevant States as 13 per cent derivation revenue.

Also, the federal state and local governments received N52.680 billion, 26.720 billion and N20.600 billion respectively from the N100.000 billion Non Mineral Revenue.

In January 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while VAT, Import and Excise Duties decreased marginally.

The balance in the Excess Crude Account (ECA) as at February 23, 2022 was $35.368, the communique said.