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FG allocates N656.602B for 3 Tiers of Government

Grace Okon
The Federal Ministry of Finance has allocated a total of N656.602 Billion for the three tiers of Government as the federations allocation for April.
The Director of Information and Press,
 Phil Abiamuwe-Mowete, made this known through a press release on Thursday.
He disclosed that about N35.377 million balance is located in the Excess Crude Account as of 25th May 2022.
According to the Federal Account Allocation Committee virtual meeting, this amount is inclusive of Gross Statutory Revenue, VAT, excess bank charges recovery, and argumentation of about N20 Billion.
From the allocation the federal government was allocated N257.611 Billion,  the States received N201.255 billion while the LGAs received N149.251 billion, and the oil-producing states got N48.485 billion as the derivation of 13% mineral Revenue.
The statement added that the gross revenue made available from VAT was N166.522 Billion and with it N24.978 Billion for the federal government, N83.261 billion for the state, and N58.283 billion for the local government.
 “Adding that statutory revenue was N461.189 billion in which the Federal Government take the sum of N217.412 billion, States takes N110.275 billion, and LGAs takes N85.017 with the derivation of 13%  as minerals revenue of N48.485 Billion.”
Consequently, FAAC revealed that the petroleum profit tax PPT, oil and Excise duty increased marginally, while oil and Gas Royalties, import Duty Companies Income Tax and Value Added Tax all recorded significant decreases.
Furthermore, the Ministry disclosed that the total revenues distributed for the present month were drawn from statutory revenue of N461.189 billion, with VAT of N166.522 billion as well as excess bank charges recovery of N8.891 billion and argumentation of N20 billion, rounding up to N656.606 billion distributed for the month and with N$35.377 million balanced at Excess Crude Account as on 25th May 2022.

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