FAAC Shares N725.571bn March Revenue to FG, States, LGs
Written by on April 28, 2022
The Federation Account Allocation Committee (FAAC) yesterday shared a total sum of N725.571 billion to the federal government, states and local government councils as March 2022 Federation Account revenue.
Citing the communiqué issued at the end of a virtual meeting of the FAAC for April 2022, the Director (Information, Press and Public Relations), Office of the Accountant General of the Federation, Mr. Henshaw Ogubike said the N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and distributable Value Added Tax (VAT) revenue of N204.402 billion.
The total deductions for cost of collection amounted to N44.411 billion while the total deductions for statutory transfers, refunds and savings stood at N382. 826 billion.
From the total distributable revenue of N725.571billion, the federal government received N277.104 billion, the state governments received N227.201 billion while the local government councils received N167.910 billion.
A total of N53.356 billion was shared to the relevant sates as 13 per cent derivation revenue.
In the month under review, gross statutory revenue of N933.304 billion was received which was higher than the N429.681 billion received in the previous month by N503.623 billion.
The sum of N53.356 billion was shared to the relevant states as 13 per cent derivation revenue.
The balance in the Excess Crude Account (ECA) was $35.372 million as at April 27, 2002.