Federation Accounts Allocation Committee (FAAC) shares 574.668 billion naira in January 2022.

The Federation Accounts Allocation Committee (FAAC) has shared a total of 574.668 billion naira in January 2022 Federation Account Revenue to the Federal Government, states, and local government councils.

This was contained in a communique issued at the end of a virtual meeting of the Federation Account Allocation Committee for February 2022.

According to the communique, the 574.668-billion-naira total distributable revenue comprised; distributable statutory revenue of 291.400 billion naira, distributable Value Added Tax (VAT) revenue of 178.066 billion naira and Exchange Gain of 5.202 billion naira and non-mineral revenue of 100 billion naira.

The communique also revealed that in January 2022, the total deductions for the cost of collection was 25.421 billion naira, the total deductions for statutory transfers, refunds and savings was 92.767 billion naira, while the balance in the Excess Crude Account was 35.368 million dollars.

From the total distributable revenue of 574.668 billion naira; the Federal Government received 204.580 billion naira, the state governments received 179.251 billion naira, the local government councils received 131.878 billion naira, while a total of 58.959 billion naira was shared with the relevant states as 13 percent derivation revenue.

Kevin Madu