The Federation Account Allocation Committee (FAAC) has allocated a total of N1.678 trillion among the Federal Government, states, and Local Government Councils (LGCs) for the month of February.
This information was disclosed in a communiqué released by FAAC, which was made available by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF).
According to the communiqué, the total revenue of N1.678 trillion consists of statutory revenue amounting to N827.633 billion and Value Added Tax (VAT) revenue totaling N609.430 billion.
Additionally, this revenue includes Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and an Augmentation of N178 billion.
It was noted that the total gross revenue available in February reached N2.344 trillion.
“Total deductions for the cost of collection reached N89.092 billion while total transfers, interventions, refunds, and savings amounted to N577.097 billion,” the communiqué stated.
The communiqué further indicated that the gross statutory revenue for February was N1.653 trillion, which reflects a decrease of N194.664 billion compared to the N1.848 trillion received in January.
It also mentioned that gross VAT revenue of N654.456 billion was available in February, which is lower than the N771.886 billion available in January by N117.430 billion.
Out of the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, while state governments obtained N562.195 billion.
The LGCs received a total of N410.559 billion, and a sum of N136.042 billion (13 percent of mineral revenue) was allocated to benefiting states as derivation revenue.
“Of the N827.633 billion in statutory revenue, the Federal Government received N366.262 billion, while state governments received N185.773 billion.
“The LGCs were allocated N143.223 billion, and N132.374 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue,” the communiqué noted.
From the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, state governments got N304.715 billion, and LGCs received N213.301 billion.
“The Federal Government received N5.276 billion from the N35.171 billion EMTL. State governments acquired N17.585 billion, while LGCs received N12.310 billion.
“In terms of Solid Minerals revenue of N28.218 billion, the Federal Government obtained N12.933 billion, while state governments received N6.560 billion.
“LGCs were allocated N5.057 billion, and a total of N3.668 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue,” it stated.
The report highlighted that Oil and Gas Royalties and EMTL revenues saw significant increases, while revenues from VAT, Petroleum Profit Tax (PPT), Companies’ Income Tax, Excise Duty, Import Duty, and CET Levies experienced declines.
