FAAC Disburses Over N600 Billion to FG, State, and Local Govt. in April 2022

The Federation Account Allocation Committee (FAAC) shared a total sum of N656.602 billion with the Federal Government, States and Local Government Councils in the month of April. This was stated in a communiqué released by the FAAC at the conclusion of the virtual meeting.

Investors King‘s findings reveal that the overall distributable revenue of N656.602 billion included N461.189 billion in distributable statutory revenue, N166.522 billion in distributable Value Added Tax (VAT) revenue, N8.891 billion in Excess Bank Charges Recovered, and N20.000 billion in augmentation.

Total deductions for collecting costs were N29.609 billion in April 2022, and total deductions for transfers and refunds were N147.651 billion. The Excess Crude Account (ECA) has a balance of $35.377 million.

According to the communiqué, the Federal Government received N257.611 billion, State Governments received N201.256 billion, and Local Government Councils received N149.251 billion from the total distributable revenue of N656.602 billion. As a result of the 13 percent derivation revenue, a total of N48.485 billion was distributed to the relevant States.

For the month of April 2022, the government got N635.037 billion in gross statutory income. According to the communiqué, this was N298.267 billion less than the N933.304 billion received the previous month.

The federal government received N217.412 billion, state governments received N110.275 billion, and local government councils received N85.017 billion from the N461.189 billion distributable statutory revenue. As a result of the 13 percent derivation revenue, a total of N48.485 billion was distributed to the relevant States.

The VAT generated N178.825 billion in gross revenue in April 2022. By N40.679 billion, this was less than the N219.504 billion available in March 2022.

The Federal Government received N24.978 billion, State Governments received N83.261 billion, and Local Government Councils received N58.283 billion from the N166.522 billion distributable VAT revenue.