FAAC: FG, states, LGAs share N725bn as allocation in March — up by N135bn

The federation account allocation committee (FAAC) says it shared N725.57 billion with the federal government, states and local governments for March 2022.

The figure represents an increase of 23 per cent to N135 billion compared to the February allocation.

For February, the three tiers had shared N590.546 billion.

The details are contained in a communiqué issued at the end of a virtual meeting of the FAAC for March 2022.

The communiqué noted that petroleum profit tax, oil and gas royalties, import and excise duties, companies income tax and value-added tax recorded tremendous increases.

According to the statement, the total revenue of N725.57 billion, distributable for the current month, was drawn from statutory revenue of N521.16 billion and value-added tax (VAT) of N204.40 billion.

The federal government received N277.10 billion, states received N227.2 billion, while local government areas received N167.91 billion.

On the total VAT distribution, federal government got N30.66 billion, states received N102.20 billion, while the local government got N71.54 billion.

The statement also highlighted the breakdown of the statutory revenue allocation as follows; the federal government received N246.44 billion, states N125 billion, and local governments received N96.36 billion, while oil-producing states received N53.35 billion.

Additionally, oil-producing states received N53.35 billion as derivation or 13 per cent of mineral revenue.

It added that the balance in the excess crude account (ECA) as of April 27, 2022, stood at $35.37 million.