From Uche Usim, Abuja
Nigeria’s three tiers of government shared N725.571 billion in April from the Federation Account Allocation Committee (FAAC) indicating an increase of N135.025 billion from what was shared in March.
While N590.546 billion was shared as March subvention (from revenue generated in February), N725.571 billion was distributed in April from March revenue to the Federal Government, States and Local Government Areas.
The Excess Crude Account (ECA) witnessed a paltry accretion of $1,000 as it grew from $35.371 million in March to $35.372 million in April.
Another remarkable increase was the 13 per cent derivation revenue shared by oil producing states, which rose from N23.750 billion in March to N53.356 billion in April.
These were contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for April 2022.
The N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and distributable Value Added Tax (VAT) revenue of N204.402 billion.
In March, the total deductions for cost of collection was N44.411 billion, with total deductions for statutory transfers, refunds and savings standing at N382. 826 billion.
The communiqué confirmed that from the total distributable revenue of N725.571 billion; the Federal Government received N277.104 billion, State Governments got N227.201 billion while the Local Government Councils received N167.910 billion. A gross statutory revenue of N933.304 billion was received for the month which was higher than the N429.681 billion received in the previous month by N503.623 billion. The sum of N35.631 billion cost of collection and N376.504 billion being amount for transfers, refunds and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.
From the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, the State Governments received N125.000 billion and the Local Government Councils received N96.369 billion. In the month of March 2022, gross revenue available from the Value Added Tax (VAT) was N219.504 billion. This was higher than the N177.873 billion available in the month of February 2022 by N41.631 billion.