The Federation Account Allocation Committee (FAAC), has shared a total sum of N725.571 billion being revenue that was generated in March 2022, to the federal government, states and local government areas.
This was contained in a communiqué that was issued at the end of a virtual meeting of FAAC for this April.
The communiqué said the N725.571 billion total distributable revenue comprised statutory revenue of N521.169 billion and Value Added Tax (VAT) revenue of N204.402 billion.
In March 2022, the total deductions for cost of collection was N44.411 billion and the total deductions for statutory transfers, refunds and savings was N382. 826 billion.
The balance in the Excess Crude Account (ECA) was $35.372 million.
The communiqué confirmed that from the total distributable revenue of N725.571billion; federal government received N277.104 billion, the 36 state governments and FCT got N227.201 billion, while and N167.910 billion was shared to the 774 local government areas. A total of N53.356 billion was shared to the relevant States as 13 per cent derivation revenue.
A gross statutory revenue of N933.304 billion was received for the month which was higher than the N429.681 billion received in the previous month by N503.623 billion. The sum of N35.631 billion cost of collection and N376.504 billion being amount for transfers, refunds and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.
From the N521.169 billion distributable statutory revenue, the federal government received N246.444 billion, the state governments received N125.000 billion and the local government governments received N96.369 billion. The sum of N53.356 billion was shared to the relevant States as 13% derivation revenue.
In the month of March 2022, the gross revenue available from VAT was N219.504 billion. This was higher than the N177.873 billion available in the month of February 2022 by N41.631 billion.
The sum of N6.322 billion allocation to NEDC and N8.780 billion cost of collection were deducted from the N219.504 billion gross VAT revenue, resulting in the distributable VAT revenue of N204.402 billion.
From the N204.402 billion distributable VAT revenue, the Federal Government received N30.660 billion, the state governments received N102.201 billion and the local government governments received N71.541 billion.
According to the communiqué, in the month of March 2022, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and VAT all recorded tremendous increases