FAAC: FG, states, LGs divide N1.678 trillion in February.
The Federation Account Allocation Committee (FAAC) distribute N1.678 trillion to the federal government, states, and Local Government Councils (LGCs) in February.
This is according to a communiqué released by the FAAC and made accessible by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant-General of the Federation.
According to the communiqué, the total revenue of N1.678 trillion included statutory revenue of N827.633 billion and VAT revenue of N609.430 billion.
It also included revenue from the electronic money transfer levy (EMTL) of N35.171 billion, solid minerals revenue of N28.218 billion, and N178 billion in augmentation.
According to the report, a total gross revenue of N2.344 trillion was generated in February.
“Total deduction for cost of collection was ₦89.092 billion, while total transfers, interventions, refunds and savings was N577.097 billion,’” it stated.
According to the communiqué, N1.653 trillion in gross statutory income was received in February, which was N194.664 billion less than the total of N1.848 trillion received in January.
It stated that gross VAT revenue in February was N654.456 billion, which was N117.430 billion less than the N771.886 billion available in January.
According to the communiqué, the federal government received N569.656 billion of the total distributable revenue of N1.678 trillion, while state governments collected N562.195 billion.
It stated that the LGCs received a total of N410.559 billion, with N136.042 billion (13 percent of mineral earnings) distributed to the beneficiary states as derivation revenue.
“Of the N827.633 billion statutory revenue, the Federal Government received N366.262 billion, while state governments received N185.773 billion.
“The LGCs received N143.223 billion, and the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” the communiqué added.
According to the report, the Federal Government received N91.415 billion, state governments received N304.715 billion, and LGCs received N213.301 billion of the N609.430 billion in VAT revenue.
“The Federal Government received a total of N5.276 billion from the N35.171 billion EMTL.” The state governments received ₦17.585 billion, while the LGCs earned ₦12.310 billion.
“The federal government earned N12.933 billion of the N28.218 billion in solid minerals revenue, while state governments received N6.560 billion.
“The LGCs received N5.057 billion, and a total sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,’” it stated.
It stated that oil and gas royalties and EMTL climbed dramatically, while VAT, petroleum profit tax (PPT), corporate income tax, excise duty, import duty, and CET levies decreased.