ABUJA, Nigeria (VOICE OF NAIJA)-The Federation Account Allocation Committee has distributed N1.678 trillion among the Federal Government, states, and local governments for February.
This was disclosed in a communiqué issued by FAAC and shared by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, on Saturday.
According to the communiqué, the total revenue of N1.678 trillion included statutory revenue of N827.633 billion and Value Added Tax (VAT) revenue of N609.430 billion.
It also comprised Electronic Money Transfer Levy revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and an augmentation of N178 billion.
The document stated that a total gross revenue of N2.344 trillion was available in February.
“Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion,” it said.
It further revealed that gross statutory revenue for February stood at N1.653 trillion, representing a decrease of N194.664 billion compared to the N1.848 trillion recorded in January.
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Additionally, gross VAT revenue for February amounted to N654.456 billion, which was lower than the N771.886 billion recorded in January by N117.430 billion.
According to the communiqué, out of the total distributable revenue of N1.678 trillion, the Federal Government received N569.656 billion, while state governments were allocated N562.195 billion.
Local governments received a total of N410.559 billion, while N136.042 billion—representing 13 percent of mineral revenue—was distributed to benefiting states as derivation revenue.
“On the N827.633 billion statutory revenue, the Federal Government received N366.262 billion and the state governments received N185.773 billion.
“The LGs received N143.223 billion and the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” the communiqué said.
From the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, while state governments received N304.715 billion and local governments were allocated N213.301 billion.
“A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion EMTL. The state governments received N17.585 billion, and the LGs received N12.310 billion.
“From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the state governments received N6.560 billion.
“The LGs received N5.057 billion and a total sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
The communiqué also noted that Oil and Gas Royalty and the Electronic Money Transfer Levy (EMTL) recorded significant increases, while VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies declined.
NAN