FG, States, LGs share N1.678trn as February allocation

The Federation Account Allocation Committee (FAAC) has distributed a total of N1.678 trillion among the Federal Government, state governments, and local government councils for February.

This was disclosed in a communiqué issued by FAAC and shared by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation.

According to the report, the total revenue disbursed consisted of N827.633 billion from statutory sources and N609.430 billion generated from Value Added Tax (VAT).

Additionally, Electronic Money Transfer Levy (EMTL) contributed N35.171 billion, while Solid Minerals revenue added N28.218 billion. An augmentation of N178 billion was also included.

It was noted that the gross revenue available for February stood at N2.344 trillion.

However, deductions for collection costs amounted to N89.092 billion, while transfers, interventions, refunds, and savings totaled N577.097 billion.

The communiqué highlighted that gross statutory revenue for February was N1.653 trillion, marking a decline of N194.664 billion compared to January’s N1.848 trillion.

Similarly, VAT revenue for February was N654.456 billion, reflecting a drop of N117.430 billion from the N771.886 billion recorded in January.

Regarding the N1.678 trillion distributed, the Federal Government received N569.656 billion, while state governments were allocated N562.195 billion.

Local government councils got N410.559 billion, and states benefiting from mineral revenue derivation were allocated N136.042 billion.

Breaking down the statutory revenue distribution of N827.633 billion, the Federal Government received N366.262 billion, states got N185.773 billion, and local governments received N143.223 billion. Additionally, N132.374 billion (13% of mineral revenue) was allocated to oil-producing states.

From the N609.430 billion generated through VAT, the Federal Government received N91.415 billion, states got N304.715 billion, and local councils were allocated N213.301 billion.

Similarly, from the N35.171 billion collected as EMTL, the Federal Government was given N5.276 billion, while state and local governments received N17.585 billion and N12.310 billion, respectively. In terms of the N28.218 billion generated from solid minerals, N12.933 billion went to the Federal Government, N6.560 billion to states, and N5.057 billion to local councils. An additional N3.668 billion was distributed to oil-producing states as derivation revenue.

The communiqué further noted an increase in Oil and Gas Royalty and EMTL collections, while revenue from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and Common External Tariff (CET) Levies recorded declines.