FG, States, LGs Share N656bn As Revenue For April

The federal, state and local governments have shared a total sum of N656.602 billion as revenue for April 2022.

The Federation Account Allocation Committee (FAAC) made the announcement in a communiqué after its virtual meeting for May 2022.

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The communique showed that the N656.602bn total distributable revenue comprised statutory revenue of N461.189bn, Value Added Tax (VAT) N166.522bn, N8.891bn Excess Bank Charges Recovered and augmentation of N20bn.

It stated that in April 2022, the total deductions for the cost of collection was N29.609bn and total deductions for transfers and refunds N147.651bn.

The balance in the Excess Crude Account (ECA) stands at $35.377 million.

The communiqué confirmed that from the total distributable revenue of N656.602bn, the federal government received N257.611bn, state governments N201.256bn and the local government councils N149.251 bn.

The sum of N48.485bn was shared to the relevant states as 13% derivation revenue.

A gross statutory revenue of N635.037bn was received for April 2022. This was lower than the N933.304bn received in the previous month by N298.267bn.

From the N461.189bn distributable statutory revenue, the federal government received N217.412bn, state governments N110.275bn and LGCs N85.017bn.

The sum of N48.485bn was shared to the relevant states as 13% derivation revenue. In April 2022, the gross revenue available from Value Added Tax (VAT) was N178.825bn. This was lower than the N219.504bn available in March 2022 by N40.679bn.

From the N166.522bn distributable Value Added Tax (VAT) revenue, the federal government received N24.978bn, state governments N83.261bn and the LGCs N58.283bn.

According to the communiqué, in April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.
Posted in Business News on May 27 at 01:26 PM

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