FG, states, local councils share N590.546 billion for February
The Federation Accounts Allocation Committee (FAAC) has shared N590.546 billion as February allocations among the Federal Government, states and local councils.
This was contained in a communiqué issued at the end of a virtual meeting of the committee for March released yesterday in Abuja.
The sum comprises distributable statutory revenue of N337.432 billion, distributable Value Added Tax (VAT) revenue of N165.635 billion, excess bank charges of N7.479 billion and non-mineral revenue of N80 billion.
In February this year, the total deductions for cost of collection were N 23.989 billion and the total deductions for statutory transfers and refunds were N80.498 billion.
The balance in the Excess Crude Account (ECA) was $35.371million.
The document confirmed that from the total distributable revenue of N590.546 billion, the Federal Government received N236.177 billion, state governments got N190.007 billion and local councils went home with N140.612 billion. A total of N23.750 billion was shared to the oil-bearing states as 13 per cent derivation revenue.
In the month under review, the gross revenue available from VAT was N177.873 billion. It was N13.349 billion lower than the N191.222 billion generated in January.
The sum of N5.123 billion allocation to the North East Development Commission (NEDC) and N7.115 billion collection were deducted from the N177.873 billion VAT revenue, resulting in the distributable sum of N165.635 billion.
From the N165.635 billion distributable VAT revenue, the Federal Government received N24.845 billion, states got N82.818 billion, while the local councils took hold of N57.972 billion.
The Federal Government got N3.940 billion from the total excess bank charges of N7.479 billion. The states received N1.998 billion, and the councils went home with N1.541.
Also, the Federal Government received N42.144 billion, the states got N21.376 billion and the local councils were credited with N16.480 billion from the N80 billion non-mineral revenue.
The communiqué observed that for the period, Petroleum Profit Tax (PPT) increased significantly, while oil and gas royalties increased marginally. Import and excise duties, Companies Income Tax (CIT) and VAT decreased considerably.