- The Federation Account Allocation Committee shared N1.67 trillion among the federal, state, and local governments as February revenue
- The amount is N25 billion or 1.49 per cent lower than the N1.703 trillion shared in January
- Gross statutory revenue dropped to N1.65 trillion in February
The Federation Account Allocation Committee (FAAC) says it shared N1.67 trillion in revenue among the federal, state, and local governments in February.
The figure shows a N25 billion or 1.49 per cent decrease compared to the N1.703 trillion shared in January.
This was disclosed in a communiqué by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa.
The communiqué stated that 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.
It added that a total gross revenue of N2.34 trillion was available in February.
The communiqué read, “Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds, and savings was N577.097 billion.”
Gross statutory revenue dropped in February
The communiqué further stated that gross statutory revenue of N1.65 trillion was received in February, lower than the N1.84 trillion recorded in January by N194.66 billion.
It said the gross revenue from VAT in February was N654.45 billion, lower than the N771.88 billion available in January by N117.43 billion.
How the revenue was shared among the three tiers of government
The communiqué stated that from the total distributable revenue of N1.67 trillion, the Federal Government received N569.65 billion, states received N562.19 billion, and 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 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.”
The committee also said from the N609.43 billion VAT revenue, the Federal Government got N91.41 billion, state governments received N304.71 billion and the local governments received N213.3 billion.
“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 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it added.
The committee also stated that oil and gas royalty and EMTL increased, while VAT, petroleum profit tax (PPT), companies income tax, excise duty, import duty, and CET levies recorded a decrease.
FAAC disbursements to FG, states, LGs surges by 43% to N15.26 trillion in 2024
Meanwhile, TheRadar earlier reported that the Federation Account Allocation Committee (FAAC) disbursements to the federal, state, and local governments increased by 43 per cent in 2024 to reach N15.26 trillion.
This was according to an FAAC Quarterly Review released by the Nigeria Extractive Industries Transparency Initiative (NEITI) on Tuesday, March 18, in Abuja.
