A total sum of ₦1.152 trillion February revenue has been shared by The Federation Account Allocation Committee, (FAAC) to the Federal Government, States and Local Government Councils.
The revenue was shared at the March meeting of FAAC chaired by the minister of Finance and Coordinating Minister for the Economy, Wale Edun on Thursday (Yesterday).
“The ₦1.152 trillion total distributable revenue comprised distributable statutory revenue of ₦101.349 billion and distributable Value Added Tax, VAT revenue of ₦428.806 billion,” reads the FAAC press release.
Also, it comprised Electronic Money Transfer Levy, EMTL revenue of ₦15.157 billion and Exchange Difference revenue of ₦607.444 billion.
“Total revenue of ₦2.326 trillion was available in the month of February.
“Total deduction for cost of collection was ₦66.456 billion; total transfers, interventions and refunds was ₦856.937 billion and savings was ₦250.000 billion.
“Gross statutory revenue of ₦1.192 trillion was received for the month of February, which is higher than the sum of ₦1.151 trillion received in January by ₦40.620 billion,” the release said.
It also disclosed that ₦460.487 billion was the gross revenue made via VAT in February, which was higher than the ₦420.733 billion raked in January by ₦39.755 billion.
From the ₦1.152 trillion total distributable revenue, the Federal Government received a total of ₦352.409 billion, the State Governments got a combined ₦366.950 billion and the LGCs were awarded ₦267.153 billion, according to the communique.
“A total sum of ₦166.244 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the ₦101.349 billion distributable statutory revenue, the Federal Government received ₦7.351 billion, the state governments received ₦3.729 billion and the LGCs received ₦2.875 billion.
“The sum of ₦87.394 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
It further revealed that the Federal Government received ₦64.321 billion, the state Governments got ₦214.403 billion, and the LGCs received ₦150.082 billion from the ₦428.806 billion distributable VAT revenue.
The ₦15.157 billion EMTL was shared as follows, according to the communique:
The Federal Government got a total of ₦2.274 billion, the state governments received ₦7.578 billion and the LGCs received ₦5.305 billion.
“The Federal Government received ₦278.463 billion from the ₦607.444 billion Exchange Difference revenue.
“The State Governments received ₦141.240 billion, and the LGCs received ₦108.891 billion. The sum of ₦78.850 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.
“The balance in the ECA was 473.754 million dollars,” it was reported.
The FAAC further disclosed that Petroleum Profit Tax, PPT, Import Duty, Excise Duty, VAT and CET levies increased significantly; Oil and Gas Royalties increased marginally, while Company Income Tax, CIT and EMTL recorded considerable decreases.
