The Federation Accounts Allocation Committee (FAAC) has distributed N695.03 billion to the three levels of government for February, despite the Nigerian National Petroleum Corporation (NNPC) plan to deduct N242.53 billion for subsidy.
Mr. Olajide Oshundun, FAAC Director of Information, announced this in a communique issued during a Virtual Conference on Tuesday.
The Federal Government received N236.177 billion from the amount, which included Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues, and Excess Bank Charges, while the states received N190.007 billion, Local Government Councils received N140.612 billion, and oil-producing states received N23.750 billion as derivation (13 percent of Mineral Revenue), Cost of Collection received N23.989 billion, and Transfer/Refunds received N80.498 billion.
Oshundun noted that the Gross Revenue available from the Value Added Tax (VAT) for February, 2022 was N177.873 billion as against N191.222 billion distributed in the preceding month of January 2022, resulting in a decrease of N13.349billion.
The distribution is as follows; Federal Government got N24.845 billion, the states received N82.818 billion, Local Government Councils got N57.972 billion, while Cost of Collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.
“The distributed Statutory Revenue of N429.681billion, received for the month was higher than the sum of N396.432 billion received in the previous month by N33.249billion, from which the Federal Government was allocated the sum of N165.248 billion, states got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and Cost of Collection received N16.874, while Transfers and Refund got N75.375billion,” the communique stated.
It also revealed that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally.
However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable decreases.
It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N429.641billion, Value Added Tax (VAT) of N177.873 billion, Excess Bank Charges Recovered of N7.479 and Non-Mineral Revenues of N80.000billion.
The balance in the Excess Crude Account as at 22nd March 2022 stands at $35.371million.