Federation Account: FG, States, LGCs Share N656.602Bn Revenue

The Federation Account Allocation Committee (FAAC) has shared a total sum of N656.602 billion as  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 revenue comprised distributable statutory revenue of N461.189 billion, Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being excess Bank charges recovered and augmentation of N20 billion.

In April 2022, the total deductions for the cost of collection were N29.609 billion and the total deductions for transfers and refunds were N147.651 billion.

Henshaw Ogubike, Director (Information, Press and Public Relations), Office of the Accountant General of Federation said in a statement that 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, State Governments got 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% derivation revenue.

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.

From the N461.189 billion distributable statutory revenue, the Federal Government received N217.412 billion, the State Governments got N110.275 billion and the Local Government Councils received N85.017 billion. The sum of N48.485 billion was shared with the relevant States as 13% derivation revenue.

In the month of April 2022, the gross revenue available from the Value Added Tax (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 Value Added Tax (VAT) revenue, the Federal Government received N24.978 billion, the State Governments got N83.261billion and the Local Government Councils pocketed N58.283 billion.

The Federal Government got N4.684 billion; the State Governments received N2.376 billion and the Local Government Councils pocketed 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 got 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 Value Added Tax (VAT) all recorded significant decreases.