Nigeria’s FAAC Shares N656.6bn Among Federal, States, LGs For April 2022

The Federation Account Allocation Committee (FAAC), last month, shared N656.602 billion between the Federal Government, states and local government councils.

This amount is however N68.969 billion lower than the N725.571 billion shared in March.

Nigeria's FAAC Shares N656.6bn Among Federal, States, LGs For April 2022
Nigeria’s FAAC Shares N656.6bn Among Federal, States, LGs For April 2022

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022.

The drop in revenue for the month of April may not be unconnected with the lower Value Added Tax collection for the month, which stood at N178.825 as against the N219.504 collected in March, a N40.679 billion shortfall.

Nigeria’s FAAC Distrubutes N656.6bn Among Federal, States, LGs For April 2022, Down By N68.9bn Shared In March

The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.

In April 2022, the total deduction for cost of collection was N29.609 billion and total deduction for transfers and refunds was N147.651 billion.

The balance in the Excess Crude Account (ECA) was $35.377 million.

The communiqué confirmed that from the total distributable revenue of N656.602 billion by FAAC; the Federal Government received N257.611 billion, the State Governments received N201.256 billion and the Local Government Councils received N149.251 billion. The sum of N48.485 billion was shared to the relevant states as 13 per cent derivation revenue.

Gross statutory revenue of N635.037 billion was received for the month of April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion.

From the N461.189 billion distributable statutory revenue by FAAC, the Federal Government received N217.412 billion, the State Governments received N110.275 billion and the Local Government Councils received N85.017 billion. The sum of N48.485 billion was shared to the relevant States as 13 per cent derivation revenue.

In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825 billion. This was lower than the N219.504 billion available in the month of March 2022 by N40.679 billion.

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

The Federal Government received N4.684 billion; the State Governments received N2.376 billion and the Local Government Councils received N1.831billion from the N8.891 billion Excess Bank Charges Recovered.

The N20.00 billion augmentation was shared as follows: the Federal Government received N10.536 billion, the State Governments received N5.344 billion and the Local Government Councils received N4.120 billion.

According to the Communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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