FG, States, LG Share N695bn For February |nigeria news today headlines update today

FAAC: FG, States, LG Share N695bn For February

Business & Economy

The Federation Accounts Allocation Committee (FAAC), has shared N695.03 billion to the 3 tiers of state as revenue for february amid plans by the Nigerian National crude Corporation (NNPC) restricted to deduct N242.53 billion for subsidy.

The FAAC Director information, Mr. Olajide Oshundun, disclosed this during a communique on Tues, after a Virtual Conference.

From the number, comprehensive of Gross Statutory Revenue, worth additional Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the centralized received N236.177 billion, the states received N190.007 billion, the government Councils got N140.612 billion, whereas the oil-producing states received N23.750 billion as derivation (13% of Mineral Revenue) and price of assortment received N23.989 billion and Transfer/ Refunds got N80.498 billion.

Read Also: Fast-Track Planned Concession of 4 Major Airports, Buhari Tells Sirika

FG, States, LG Share N695bn For February |nigeria news today headlines update today
FG, States, LG Share N695bn For February |nigeria news today headlines update today

Oshundun noted that the gross revenue available from the worth additional Tax (VAT) for february, 2022 was N177.873 billion as against N191.222 billion distributed within the preceding month of january 2022, leading to a decrease of N13.349billion.

The distribution is as follows; centralized got N24.845 billion, the states received N82.818 billion, government Councils got N57.972 billion, whereas price of collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.

READ ALSO Massive Job Cut Looms As Dollar Hits ₦590, FOREX Scarcity Bites Harder

“The distributed Statutory Revenue of N429.681billion, received for the month was beyond the add of N396.432 billion received in the previous month by N33.249billion, from that the centralized was allotted the add of N165.248 billion, states got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and price of collection received N16.874, whereas Transfers and Refund got N75.375billion,” the communique stated.

It conjointly revealed that crude Profit Tax (PPT) increased considerably, while Oil and Gas Royalties increased marginally.

However, Import and Excise Duties, companies income tax (CIT) and worth added Tax (VAT) recorded considerable decreases.

It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N429.641billion, value added Tax (VAT) of N177.873 billion, Excess Bank Charges Recovered of N7.479 and Non-Mineral Revenues of N80.000billion.

The balance in the Excess Crude Account as at twenty second March 2022 stands at $35.371million.

Do you want to invest in real estate but don’t know how visit Estate Alert today http://estatealert.net/