FG, States, LGs Share ₦725bn As Federal Allocation Rises

The sum of ₦725bn has been shared by the Federation Accounts Allocation Committee (FAAC) among the three tiers of government.

The fund shared among the Federal, State and Local Government is the federal allocation for the month of March, 2022.

The March allocation has an indication that it increased by 23 percent compared to N590bn which was shared in February.

The allocation for the Month of March was revealed in a statement released at the end of the committee’s monthly meeting held virtually.

It was also disclosed that the total revenue of N725.57bn which was distributed was gotten from the Statutory Revenue of N521.16bn and Value Added Tax of N204.40bn.

The Federal Government received N277.10bn, states received N227.2bn while the local government areas got N167.91bn from the fund.

The communique also stated that oil-producing states received N53.35bn as derivation or 13 per cent of mineral revenue.

It added that the gross revenue available from the VAT-N204.40bn- was distributed as follows:Federal Government got N30.66bn, states received N102.20bn, while LGAs got N71.54bn.

Out of the of N521.16bn statutory revenue, the Federal Government was allocated the sum of N246.44bn, states got N125.0bn, and LGAs got N96.36nn while oil-producing states received N53.35bn.

It added that the cost of collection of VAT distributed for March was N8.78bn, while that of transfers/refunds/savings was N6.32bn.

The statement reads “Petroleum Profit Tax, Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax and Value Added Tax all recorded tremendous increases.”

This article was originally published on Nigeria News