FAAC Shares N656 Billion To FG, States, LG In April 2022

The Federation Account Allocation Committee (FAAC) has shared a total sum of N636.602 billion 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 a virtual meeting of the FAAC for May 2022. 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, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.

In April 2022, the total deductions for cost of collection was N29.609 billion and total deductions for transfers and refunds was N147.651 billion. The balance in the Excess Crude Account (ECA) was $35.377 million.

The communiqué confirmed that from the total distributable revenue of N656.602 billion; the Federal Government received N257.611 billion, the State Governments received N201.256 billion and the Local Government Councils received N149.251 billion. The sum of N48.485 billion was shared to the relevant States as 13 percent derivation revenue.

A gross statutory revenue of N635.037 billion was received for the month of April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion, according to the communique.

From the N461.189 billion distributable statutory revenue, the federal government received N217.412 billion, the State Governments received N110.275 billion and the local government Councils received N85.017 billion. The sum of N48.485 billion was shared to the relevant States as 13% derivation revenue.

In the month of April 2022, the gross revenue available from the VAT was N178.825 billion. This 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, the State Governments received N83.261billion and the Local Government Councils received N58.283 billion.

The federal government received N4.684 billion; the state governments received N2.376 billion and the local government councils received N1.831billion from the N8.891 billion Excess Bank Charges Recovered.

The N20.00 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 VAT all recorded significant decreases.

Source: Business Day Newspapers