EconomyNewsThree Tiers Of Government Shares ₦636.6 Billion

The Federation Account Allocation Committee (FAAC) has shared a total sum of ₦636.6 billion for April 2022 Federation Account Revenue with the Federal Government, States, and Local Government Councils.

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022.

The Federal Government received ₦257.6 billion, the State Governments received ₦201.2 billion and the Local Government Councils received ₦149.2 billion. The sum of ₦48.485 billion was shared to the relevant states as 13% derivation revenue.

Gross statutory revenue of ₦635.037 billion was received for the month of April 2022. This was lower than the ₦933.304 billion received in the previous month by ₦298.267 billion.

In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was ₦178.825 billion. This was lower than the ₦219.504 billion available in the month of March 2022 by ₦40.679 billion.

The total distributable revenue comprised distributable statutory revenue of ₦461.1 billion,  distributable Value Added Tax (VAT) revenue of ₦166.5 billion, the sum of ₦8.8 billion being Excess Bank Charges Recovered, and augmentation of ₦20.000 billion.

The balance in the Excess Crude Account (ECA) was $35.3 million.

Also, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded significant decreases.

Hassan Umar Shallpella (Regional Correspondent)

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