FG, STATEs, LGs share 695.03 billion

Federal government of Nigeria, thirty-six state governments and seven hundred and seventy-four local government area have shared the sum of N695.03 billion as revenue for the month of February as the Nigerian National Petroleum Corporation (NNPC) plan to deduce N242.53 billion for subsidy.

Mr. Olajide Oshundun, The Federation Account Allocation Committee Director of Information disclosed this in a communique in a virtual conference on Tuesday.

Inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the Federal Government received N236.177 billion, states government received N190.007 billion, and the Local Government Councils got N140.612 billion.

Oil-producing states received N23.750 billion as derivation (13% of Mineral Revenue) and Cost of Collection received N23.989 billion and Transfer/ Refunds got N80.498 billion.

From the Value Added Tax (VAT) Oshundun noted that 177.873 billion Gross Domestic Revenue was generated in the month of February.

The distribution follows thus: Federal Government got N24.845 billion, the states received N82.818 billion, Local Government Councils got N57.972 billion, while Cost of Collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.

“The distributed Statutory Revenue of N429.681billion, received for the month was higher than the sum of N396.432 billion received in the previous month by N33.249billion, from which the Federal Government was allocated the sum of N165.248 billion, states got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and Cost of Collection received N16.874, while Transfers and Refund got N75.375billion,” the communique stated.

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 22nd March 2022 stands at $35.371million.

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