The Federation Accounts Allocation Committee, (FAAC), has shared a total sum of N590.546 billion to the three tiers of government as federation allocation for February.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non Mineral Revenues and Excess Bank Charges, the Federal Government received N236.177 billion.
The States received N190.007 billion, the Local Government Councils got N140.612 billion, while the oil producing states received N23.750 billion as derivation (13% of Mineral Revenue).
A communiqué issued at the end of the FAAC meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for February, 2022 was N165.635 billion.
The distribution indicates that Federal Government received N24.845 billion, the States received N82.818 billion, while Local Government Councils got N57.972 billion.
The distributed Statutory Revenue of N337.432 billion, from which the Federal Government was allocated the sum of N165.248 billion, States got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion.
The communiqué also indicated that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally.
However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable decreases.
The communiqué further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N337.432 billion, Value Added Tax (VAT) of N165.635 billion, Excess Bank Charges Recovered of N7.479 and Non Mineral Revenues of N80.000 billion.
The balance in the Excess Crude Account as at March 22, 2022 stands at $35.371million.
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