The Federation Accounts Allocation Committee (FAAC), has settled for a sharing formula of N725.571 billion among the three tiers of government, for the month of March 2022.
A statement by Phil Abiawute-Mowete, Director of Information/Press, in the Ministry of Finance, Budget and National Planning, said from the amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N277. 104 billion, the States received N227.201 billion; the Local Government Councils got N167.910 billion, while the Oil producing states received N53.356 billion as derivation (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting which was held virtually, indicated that the Gross Revenue available from the Value Added Tax (VAT) for March 2022 was N204.402 billion.
The distribution is as follows; Federal Government got N30.660 billion, the States received N102.201 billion, Local Government Councils got N71.541 billion.
Gross Statutory Revenue of N521.169 billion was distributed according to the communique, from which the Federal Government was allocated the sum of N246.444 billion, States got N125.000 billion, LGCs got N96.369 billion, Derivation (13% Mineral Revenue) got N53.356 billion.
It, however, added that add-backs of VAT for the month for the cost of collection is N8.780 billion, while that of Transfers, Refunds and Savings is N6.322 billion.
The add-backs of Statutory Revenue distributed to the Cost of Collection is N35.631 billion and to Transfers/Refunds/Savings is N376.504 billion.
The communiqué also revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded tremendous increases.
It was further disclosed that the total revenue distributable for the current month was drawn from Statutory Revenue of N521.169 billion and Value Added Tax (VAT) of N204.402 billion, bringing the total distributable for the month to N725.571 billion.
The balance in the Excess Crude Account as of 27th April 2022 stands at $35.372 million.