The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.152 trillion in revenue for February to the Federal Government, states, and Local Government Councils (LGCs).
The allocation took place during FAAC’s March meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to a communiqué released by FAAC, the N1.152 trillion distributable revenue consisted of N101.349 billion from statutory revenue, N428.806 billion from Value Added Tax (VAT), N15.157 billion from Electronic Money Transfer Levy (EMTL), and N607.444 billion from Exchange Difference revenue.
In total, the revenue available for February was N2.326 trillion. After deducting N66.456 billion for the cost of collection and allocating N856.937 billion for transfers, interventions, and refunds, a savings of N250.000 billion was retained.
The gross statutory revenue for February stood at N1.192 trillion, an increase of N40.620 billion from January. VAT revenue also saw a rise, with February’s N460.487 billion surpassing January’s N420.733 billion by N39.755 billion.
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From the N1.152 trillion total distributable revenue, the Federal Government received N352.409 billion, state Governments received N366.950 billion, and LGCs received N267.153 billion. Additionally, N166.244 billion (13 percent of mineral revenue) was shared among the benefiting states as derivation revenue.
Breakdown of the distributable statutory revenue saw the Federal Government receiving N7.351 billion, state governments receiving N3.729 billion, and LGCs receiving N2.875 billion. Furthermore, N87.394 billion (13 percent of mineral revenue) was distributed to the benefiting states as derivation revenue.
Regarding VAT revenue, the Federal Government received N64.321 billion, state Governments received N214.403 billion, and LGCs received N150.082 billion. The distribution of the N15.157 billion EMTL revenue saw the Federal Government receiving N2.274 billion, state governments receiving N7.578 billion, and LGCs receiving N5.305 billion.
From the Exchange Difference revenue of N607.444 billion, the Federal Government received N278.463 billion, state Governments received N141.240 billion, and LGCs received N108.891 billion. Additionally, N78.850 billion (13 percent of mineral revenue) was allocated to the benefiting states as derivation revenue.
The communiqué noted significant increases in Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT, and CET levies, while Oil and Gas Royalties experienced a marginal increase. However, Company Income Tax (CIT) and EMTL recorded considerable decreases.
The balance in the Excess Crude Account (ECA) was reported at 473.754 million dollars.
