The Federation Accounts Allocation Committee (FAAC) has disclosed that its shared a total of N574.668 billion in January 2022 Federation Account Revenue to the Federal Government, states, and local government councils.
This was made known in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February 2022.
The N574.668 billion total distributable revenue comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion.
Meanwhile, in January 2022, the total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.
The communiqué confirmed that from the total distributable revenue of N574.668 billion, the Federal Government received N204.580 billion; the state governments received N179.251 billion and the local government councils received N131.878 billion. A total of N58.959 billion was shared with the relevant states as 13% derivation revenue.
The distributable statutory revenue of N291.400 billion was available for the month. From this, the Federal Government received N122.749 billion, the state governments received N62.260 billion and the Local Government Councils received N48.000 billion. The sum of N58.391 billion was shared to the relevant states as 13% derivation revenue.
In the month of January 2022, the gross revenue available from the Value Added Tax (VAT) was N191.222 billion. This was lower than the N201.255 billion available in the month of December 2021 by N10.033 billion.
The sum of N5.507 billion allocations to NEDC and N7.649 billion cost of the collection were deducted from the N191.222 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N178.066 billion.
From the N178.066 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.710 billion; the state governments received N89.033 billion and the Local Government Councils received N62.323 billion.
The Federal Government received N2.441 billion from the total Exchange Gain revenue of N5.202 billion. The state governments received N1.238 billion; the Local Government Councils received N0.955 billion and N0.568 billion was shared to the relevant states as 13% derivation revenue.
A spokesperson for the Office of the Accountant General of the Federation (AGF), Henshaw Ogubike, said in a statement that the Federal Government received N52.680 billion, the State Governments received N26.720 billion and Local Government Councils received N20.600 billion from the N100.000 billion Non-Mineral Revenue.
In the month of January 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Value Added Tax (VAT), Import and Excise Duties decreased marginally, the communique stated.