FAAC shares money to 3 Tiers of government

Grace Okon

The Federal Account Allocation Committee of the Federal Ministry of Finance, Budget and National Planning, said  that the federal government has received the sum of 236.177 billion and 190.007 billion for States and 140.612 billion for local government councils.

They said  the oil-producing states received 23.750 billion as the derivation of 13% of mineral revenue.

Mr Olajide Oshundun made  this known through a press release of the FAAC virtual conference meeting, where a total of 590.546 billion was shared to the three tiers of government as federal allocation for February, 2022.

FAAC indicated at the end of the meeting that Gross Revenue available from the VAT for February, 2022 was 165.635 billion, and also stipulated that the distribution was as follows;

24.845 for the federal government, with the states and local councils receiving 82.818 billion and 57.972 billion respectively.

“The distribution of the statutory revenue of 337.432 billion in the following order,

The Federal government was allocated 165.248 billion, also the states and local councils have 83.816 billion and 64.618 billion respectively and 23.759 for oil derivation of 13% mineral revenue”.

Furthermore, the FAAC communique revealed that petroleum profit tax PPT  increased significantly, while the oil and gas royalties increased marginally, however, import and excise duties , companies income tax CIT and VAT recorded considerable increases.

FAAC communities also disclosed that the total revenue distributable for the current month was drawn from statutory revenue of 337.432 billion, VAT of 165.635 and excess bank charges recovered of 7.479 and non-mineral revenue of 80.000 billion and balance after the distribution in the Excess crude account as at 22nd March 2022 stands at 35.371 million dollars.