The Federation Accounts Allocation Committee (FAAC) has distributed a total of N574.668 billion generated in January 2022 to the three tiers of government, namely Federal, states and local Government Councils
According to a communique issued at the end of the virtual meeting, the distributable statutory revenue stands at N291.400 billion; distributable Value Added Tax (VAT) revenue amounts to N178.066 billion, Exchange Gain of N5.202 billion, and the Non-mineral Revenue of N100.000 billion.
From the total distributable revenue of N574.668 billion; the Federal Government received N204.580 billion, the State Governments received N179.251 billion and the Local Government Councils received N131.878 billion. A total of N58.959 billion was shared to the relevant States as 13% derivation revenue.
The distributable statutory revenue of N291.400 billion was available for the month. From this, the Federal Government received N122.749 billion, the State Governments received N62.260 billion and the Local Government Councils received N48.000 billion. The sum of N58.391billion was shared to the relevant States as 13% derivation revenue.
In the month of January 2022, the gross revenue available from the Value Added Tax (VAT) was N191.222 billion. This was lower than the N201.255 billion available in the month of December 2021 by N10.033 billion.
The sum of N5.507 billion allocation to NEDC and N7.649 billion cost of collection were deducted from the N191.222 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N178.066 billion.
From the N178.066 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.710 billion, the State Governments received N89.033 billion and the Local Government Councils received N62.323 billion.
The Federal Government received N2.441 billion from the total Exchange Gain revenue of N5.202 billion. The State Governments received N1.238 billion, while the Local Government Councils received N0.955 billion and N0.568 billion was shared to the relevant States as 13% derivation revenue.
In January 2022, the total deductions for cost of collection was N 25.421billion and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.