The Federation Accounts Allocation Committee (FAAC), has shared a total sum of N695.033 billion to the three tiers of government as federation allocation for February.<\/p>\n
Mr Olajide Oshundun, the Deputy Director,\u00a0 Information, Federal Ministry of Finance, Budget and Planning, said this in a statement on Tuesday in Abuja.<\/p>\n
Oshundun said that FAAC held virtually.
\nHe said that the Federal Government received the highest allocation of N239 billion.<\/p>\n
\u201cFrom this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non Mineral Revenues and Excess Bank Charges, the Federal Government received N236.177 billion.<\/p>\n
\u201cThe states received N190.007 billion, the Local Government Councils (LGs) got N140.612 billion, while the oil producing states received N23.750 billion as derivation (13 per cent of Mineral Revenue), \u201d he said.<\/p>\n
According to him, N23.989 billion has been set aside as cost of revenue collection, while Transfer\/Refunds got N80.498 billion.
\n\u201cThe communiqu\u00e9 issued by the FAAC at the end of the meeting, indicated that the Gross Revenue available from VAT for February, 2022 was N177.873 billion.<\/p>\n
\u201d This is against N191.222 billion distributed in the preceding month of January.
\n\u201cThis has resulted in a decrease of N13.349 billion,\u201d he said.<\/p>\n
He, however, said that the Federal Government got the lowest allocation of N24.845 billion from VAT, when compared to the other two tiers of government.<\/p>\n
\u201cThe states received N82.818 billion, Local Governments got N57.972 billion, while Cost of Collection to Federal Inland Revenue Service (FIRS) and Nigeria Custom Service got N7.115 billion,\u00a0 and allocation to NEDC project received N5.123 billion, \u201d he said.<\/p>\n
Oshundun explained that the distributed Statutory Revenue of N429.681 billion, received for February was higher than the sum of N396.432 billion received in January by N33.249.<\/p>\n
He revealed that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally.<\/p>\n
\u201cHowever, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded considerable decrease, \u201d he said.<\/p>\n
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