FAAC April revenue fell by N68.969 billion as FG and others split N656.6 billion

Kings Nwachukwu

Kings Nwachukwu

Last month, the Federation Account Allocation Committee (FAAC) distributed N656.602 billion to the federal government, states, and local governments.

However, this amount is N68.969 billion less than the N725.571 billion that was shared in March.

This was stated in a communiqué issued at the conclusion of the Federation Account Allocation Committee‘s (FAAC) virtual meeting for May 2022.

The lower Value Added Tax collection for the month of April, which stood at N178.825 as opposed to N219.504 in March, an N40.679 billion deficiency, may be linked to the decline in revenue for the month.

The overall distributable revenue of N656.602 billion included N461.189 billion in distributable statutory revenue, N166.522 billion in distributable Value Added Tax (VAT) revenue, N8.891 billion in Excess Bank Charges Recovered, and N20.000 billion in augmentation.

The overall deduction for collecting costs was N29.609 billion in April 2022, while the total deduction for transfers and refunds was N147.651 billion.

The Excess Crude Account (ECA) has a balance of $35.377 million.

According to the communiqué, the Federal Government received N257.611 billion, State Governments received N201.256 billion, and Local Government Councils received N149.251 billion from the total distributable revenue of N656.602 billion. As a result of the 13 percent derivation revenue, a total of N48.485 billion was distributed to the respective states.

For the month of April 2022, gross statutory income of N635.037 billion was received. This was N298.267 billion less than the N933.304 billion received the previous month.

The Federal Government received N217.412 billion, State Governments received N110.275 billion, and Local Government Councils received N85.017 billion from the N461.189 billion distributable statutory revenue. As a result of the 13 percent derivation revenue, a total of N48.485 billion was distributed to the respective states.

The gross income available from the Value Added Tax (VAT) in April 2022 was N178.825 billion. By N40.679 billion, this was less than the N219.504 billion available in March 2022.

The Federal Government received N24.978 billion from the N166.522 billion in distributable Value Added Tax (VAT) revenue, while State Governments received N83.261 billion and Local Government Councils received N58.283 billion.

From the N8.891 billion in excess bank charges recovered, the Federal Government received N4.684 billion, State Governments received N2.376 billion, and Local Government Councils received N1.831 billion.

The N20.00 billion augmentation was distributed as follows: N10.536 billion to the federal government, N5.344 billion to state governments, and N4.120 billion to local government councils.

Petroleum Profit Tax (PPT) and Excise Duties climbed little in April 2022, whereas Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT), and Value Added Tax (VAT) all decreased significantly, according to the Communiqué.

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