FAAC shares FG, states, LGAs N695 billion - OPID News

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Wednesday, 23 March 2022

FAAC shares FG, states, LGAs N695 billion

 FAAC shares FG, states, LGAs N695 billion

Finance Minister Zainab Ahmed: FAAC allocation for February out

The Federation Accounts Allocation Committee (FAAC), has distributed N695.033 billion among the three tiers of government for February.

Mr Olajide Oshundun, the Deputy Director, Information, Federal Ministry of Finance, Budget and Planning, said this in a statement on Tuesday in Abuja.

Oshundun said that FAAC held virtually.

He said that the Federal Government received the highest allocation of N239 billion.

“From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non Mineral Revenues and Excess Bank Charges, the Federal Government received N236.177 billion.

“The states received N190.007 billion, the Local Government Councils (LGs) got N140.612 billion, while the oil producing states received N23.750 billion as derivation (13 per cent of Mineral Revenue), ” he said.

According to him, N23.989 billion has been set aside as cost of revenue collection, while Transfer/Refunds got N80.498 billion.

“The communiqué issued by the FAAC at the end of the meeting, indicated that the Gross Revenue available from VAT for February, 2022 was N177.873 billion.

” This is against N191.222 billion distributed in the preceding month of January.

“This has resulted in a decrease of N13.349 billion,” he said.

He, however, said that the Federal Government got the lowest allocation of N24.845 billion from VAT, when compared to the other two tiers of government.

“The states received N82.818 billion, Local Governments got N57.972 billion, while Cost of Collection to Federal Inland Revenue Service (FIRS) and Nigeria Custom Service got N7.115 billion, and allocation to NEDC project received N5.123 billion, ” he said. .

Oshundun explained that the distributed Statutory Revenue of N429.681 billion, received for February was higher by N33.29 billion than the N396.432 billion received in January.

He revealed that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally.

“However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded considerable decrease, ” he said



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