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Thursday, 24 March 2022

Federal allocation up by N15.8bn to N590bn in February –FAAC



The Federation Account Allocation Committee (FAAC), shared the sum of N590.546bn to the three tiers of government in February, an increase of N15.8bn compared to the N574.7bn distributed in January.


Recall that January FACC allocation slid down to a four-year low.


But a communiqué issued at the end of a virtual meeting of FAAC for March 2022, held on Tuesday noted that allocations to the Federal Government, states and local governments rose to N590.54bn in February.


“The N590.54bn comprises statutory revenue of N337.43bn; Value Added Tax revenue of N165.63bn, excess bank charges of N7.47bn and non-mineral revenue of N80bn,” the communique said.


It added that the total deduction for the cost of collection to revenue-generating agencies was N23.98bn while the deduction for statutory transfers and refund was put at N80.49bn.


The balance in the Excess Crude Account was $35.371m.


The communiqué confirmed that from the total distributable revenue of N590.54bn the Federal Government received N236.1bn, the State Governments got N190bn and the Local Government Councils received N140.6bn.


A total of N23.75bn was shared to the relevant States as 13 per cent derivation revenue.


The distributable statutory revenue of N337.43bn was available for the month. From this, the Federal Government received N165.2bn, the State Governments got N83.8bn and the Local Government Councils received N64.61bn. The sum of N23.75bn was shared with the relevant states as 13 per cent.


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