The Federation Account Allocation Committee (FAAC) has disclosed that it shared N1.67 trillion among the three tiers of government in February, drawn from a gross revenue of N2.344 trillion.
The figure represents a decrease of N25 billion or 1.49 per cent compared to the N1.703 trillion distributed in January.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), gave the analysis in a FAAC communiqué
FAAC said the total revenue of N1.678 trillion comprised a statutory revenue of N827.63 billion and value-added tax (VAT) income of N609.43 billion, electronic money transfer levy (EMTL) revenue of N35.17 billion, solid minerals revenue of N28.21 billion and augmentation of N178 billion.
The committee added that a total gross revenue of N2.34 trillion was available in February.
The communique reads, “Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds, and savings was N577.097 billion.”
FAAC noted that a gross statutory revenue of N1.65 trillion was received in February, a figure lower than the sum of N1.84 trillion recorded in January by N194.66 billion.
It said a gross revenue of N654.45 billion was available from VAT in February, lower than the N771.88 billion available in January by N117.43 billion.
The committee further noted that from the total distributable revenue of N1.67 trillion, the federal government received N569.65 billion, N562.19 billion went to states, while the local governments got N410.55 billion.
A total sum of N136.04 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
FAAC said, “Of the N827.63 billion statutory revenue, the federal government received N366.26 billion and the state governments received N185.77 billion.”
“The local governments received N143.22 billion and the sum of N132.37 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.”
The committee added that from the N609.43 billion VAT revenue, the federal government received N91.41 billion, state governments received N304.71 billion and the local governments received N213.3 billion.
It said, “A total sum of N5.27 billion was received by the federal government from the N35.17 billion EMTL. The state governments received N17.58 billion and the LGCs received N12.31 billion.”
“From the N28.21 billion solid minerals revenue, the federal government received N12.93 billion and the state governments received N6.56 billion.”
“The local governments received N5.05 billion and a total sum of N3.66 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue.”
FAAC noted that oil and gas royalty and EMTL, increased significantly while VAT, petroleum profit tax (PPT), companies income tax, excise duty, import duty, and CET levies recorded a decrease.
