FAAC: FG, states, LGs share N590bn as allocation in February — up by N15bn

The federation account allocation committee (FAAC) says it shared N590.546 billion to the federal government, states and local governments for February 2022.

The figure represents an increase of N15.766 billion compared to last month.

In February, the three tiers of government had received N574.66 billion for January, a decline compared to N699.82 shared for December 2021.

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

According to the statement, a total of N590.55 billion distributable revenue comprised distributable statutory revenue of N337.43 billion; distributable value-added tax (VAT) revenue of N165.64 billion and excess bank charges of N7.48 billion and non-mineral revenue of N80.000 billion.  

In February 2022, the total deductions for the cost of the collection were N23.989 billion, and the total deductions for statutory transfers and refunds were N80.498 billion. 

The balance in the excess crude account (ECA) was $35.371 million.

It also highlighted the breakdown of the total revenue received as follows; federal government received N236.177 billion, the state governments received N190.007 billion, and the local government councils received N140.612 billion.

Also, the communiqué showed an increase in Petroleum Profit Tax (PPT) significantly while oil and gas royalties increased marginally.

Additionally, N23.750 billion was shared to the relevant states as 13 percent derivation revenue.