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FAAC shares N656.602billion April 2022 revenue to FG, States, LGAs

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The Federation Account Allocation Committee has shared a total sum of N656.602 Billion April 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee for May 2022.
The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax 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 deductions for transfers and refunds was N147.651 billion.
From the N461.189 billion distributable statutory revenue, 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% derivation revenue.
In the month of April 2022, the gross revenue available from the Value Added Tax 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 revenue, the Federal Government received N24.978 billion, the State Governments received N83.261billion and the Local Government Councils received N58.283 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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