FG, states, LGAs share N726b in March, excess crude account stands at $35m
The Federation Accounts Allocation Committee (FAAC) at its virtual conference, yesterday, shared N725.571 billion to the three tiers of government as federation allocation for March 2022.
From the shared amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N277.104 billion, states received N227.201 billion; local councils got N167.910 billion, while oil-producing states received N53.356 billion as derivation (13 per cent of mineral revenue).
In a communiqué FAAC indicated that the gross revenue available from VAT for March 2022 was N204.402 billion. The distribution is as follows: Federal Government got N30.660 billion; states received N102.201 billion and local councils got N71.541 billion.
Gross Statutory Revenue of N521.169 billion was distributed, according to the communique, from which the Federal Government was allocated N246.444 billion; states got N125.000 billion, local councils got N96.369 billion and Derivation (13 per cent mineral revenue) got N53.356 billion.
The communiqué also revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and VAT all recorded tremendous increases.
It was further disclosed that total revenue distributable for the current month was drawn from statutory revenue of N521.169 billion and VAT of N204.402 billion, bringing the total distributable for the month to N725.571 billion. The balance in Excess Crude Account, as at April 27, 2022 stands at a paltry $35.372 million.