The Federation Accounts Allocation Committee (FAAC) on Tuesday shared a total sum of N695.033 billion to the three tiers of government as federation allocation for February.
The Deputy Director of Information, Ministry of Finance, Budget and Planning, Olajide Oshundun, disclosed this in a statement issued after the FAAC meeting in Abuja.
He said the Federal Government received the highest allocation of N239 billion.
Oshundun said: “From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non Mineral Revenues and Excess Bank Charges, the Federal Government received N236.177 billion.
“The states received N190.007 billion, the Local Government Councils got N140.612 billion while the oil producing states received N23.750 billion as derivation (13 percent of Mineral Revenue).”
He added that N23.989 billion had been set aside as cost of revenue collection and N80.498 billion as Transfer/Refunds.
“The communiqué issued by the FAAC at the end of the meeting indicated that the Gross Revenue available from VAT for February 2022 was N177.873 billion.
“This is against N191.222 billion distributed in the preceding month of January.
“This has resulted in a decrease of N13.349 billion.”
He, however, said the federal government got the lowest allocation of N24.845 billion from VAT, when compared to the other two tiers of government.
“The states received N82.818 billion, Local Governments got N57.972 billion while Cost of Collection to Federal Inland Revenue Service (FIRS) and Nigeria Custom Service got N7.115 billion, and allocation to NEDC project gulped N5.123 billion, ” he added.
Oshundun revealed that the distributed Statutory Revenue of N429.681 billion received for February was higher than the N396.432 billion received in January by N33.249.
He noted that Petroleum Profit Tax (PPT) increased significantly while Oil and Gas Royalties increased marginally.
“However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded considerable decreases, ” the ministry spokesman concluded.