FG Receives N236.177 Billion Allocation For February

The Federal government has received the sum of N236.177 billion as allocation for the month of February from the Federation Accounts Allocation Committee (FAAC).

Investors King gathered that the FAAC shared the total sum of N590.546 billion as February allocations among the Federal Government, states and local councils.

In a communiqué issued at the end of a virtual meeting of the committee for March in Abuja, the committee noted that the total sum is inclusive of distributable statutory revenue of N337.432 billion, distributable Value Added Tax (VAT) revenue of N165.635 billion, excess bank charges of N7.479 billion and non-mineral revenue of N80 billion.

“In February this year, the total deductions for cost of collection were N 23.989 billion and the total deductions for statutory transfers and refunds were N80.498 billion. The balance in the Excess Crude Account (ECA) was $35.371million”, the document revealed.

While the state governments got N190.007 billion, local councils got N140.612 billion. From the N80 billion non-mineral revenue, the Federal Government received N42.144 billion, the states got N21.376 billion and the local councils were credited with N16.480 billion.

The Federal Government got N3.940 billion from the total excess bank charges of N7.479 billion. The states received N1.998 billion, and the councils got N1.541.

According to the communiqué, in February, Petroleum Profit Tax (PPT) increased significantly, while oil and gas royalties increased marginally. Also, import and excise duties, Companies Income Tax (CIT) and VAT decreased considerably.

Investors King recalls that the FAAC shared a total of N574.668 billion in January 2022 Federation Account Revenue to the Federal Government, states, and local government councils.

The total sum comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion.

In January 2022, the total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.

The communiqué released in January recorded that Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Value Added Tax (VAT), Import and Excise Duties decreased marginally.