Nigeria’s Federation Accounts Allocation Committee (FAAC) has shared a total of N725.5 billion (about $1.768bn as Federation Account revenue for March to the three tiers of government in the country.
According to the communique issued at the end of a virtual meeting of the FAAC for April held on Wednesday, the Federal Government, the states, and local government areas received N725.571 billion as total distributable revenue comprising distributable statutory revenue of N521.169 billion and the distributable Value Added Tax (VAT) revenue of N204.402 billion.
It added that from the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, while the State Governments received N125.000 billion and the Local Government Councils received N96.369 billion.
It explained that the sum of N53.356 billion was shared to the relevant states as 13 per cent derivation revenue.
The communiques also said that in the month of March 2022, the gross revenue available from the Value Added Tax (VAT) was N219.504 billion, which was higher than the N177.873 billion available in the month of February 2022 by N41.631 billion.
Local media reports on Thursday quoted the communique as saying that in the month of March 2022, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded tremendous increases.
The three tiers of government rely on this monthly revenue sharing for the payment of salaries of workers and execution of some of their non-capital projects. ($1=N410)
GIK/APA