FG, states, LG share N590.546bn revenue for Feb

The federal, states and local governments have shared a total of N590.546 billion being revemue for the month of February 2022.  This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for March 2022.   The N590.546 billion total distributable revenue comprised distributable statutory […]

The federal, states and local governments have shared a total of N590.546 billion being revemue for the month of February 2022. 

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for March 2022.  

The N590.546 billion total distributable revenue comprised distributable statutory revenue of N337.432 billion; distributable Value Added Tax (VAT) revenue of  N165.635 billion and Excess Bank Charges of N7.479 billion and Non Mineral Revenue of N80.000 billion.   

In February 2022, the total deductions for cost of collection was N 23.989 billion and  the total deductions for statutory transfers and refunds was N80.498 billion. 

The balance in the Excess Crude Account (ECA) was $35.371million.  

The communiqué confirmed that from the total distributable revenue of N590.546 billion; the Federal Government received N236.177 billion, the State Governments received N190.007 billion and the Local Government Councils received N140.612 billion. A total of N23.750 billion was shared to the relevant States as 13% derivation revenue.