The Federation Account Allocation Committee (FAAC) has distributed a total of N1.678 trillion among the Federal Government, states, and local governments for the month of February.
This was revealed in a communiqué issued on Saturday, MArch 22, by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
The total revenue of N1.678 trillion consists of several components, including statutory revenue of N827.633 billion, Value Added Tax (VAT) revenue of N609.430 billion, and Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion.
Other sources include Solid Minerals revenue of N28.218 billion and Augmentation revenue of N178 billion.
According to the communiqué, the gross revenue available for the month of February was N2.344 trillion.
However, after deductions for the cost of collection (N89.092 billion) and transfers, interventions, refunds, and savings (N577.097 billion), the distributable revenue stood at N1.678 trillion.
The communiqué also highlighted that the gross statutory revenue for February was N1.653 trillion, which represented a decrease of N194.664 billion compared to January’s N1.848 trillion.
Additionally, VAT revenue for the month was N654.456 billion, which was lower by N117.430 billion when compared to the N771.886 billion recorded in January.
Of the total distributable revenue, the Federal Government received N569.656 billion, while the state governments were allocated N562.195 billion. Local governments were granted N410.559 billion.
A further N136.042 billion, which represents 13 per cent of mineral revenue, was shared among the benefiting states as derivation revenue.
Breaking down the allocations, the communiqué noted that the Federal Government received N366.262 billion from the statutory revenue, with the state governments receiving N185.773 billion and local governments receiving N143.223 billion.
The 13 per cent derivation from the statutory revenue amounted to N132.374 billion, which was allocated to the relevant states.
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From the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, while states were allocated N304.715 billion, and local governments received N213.301 billion.
Additionally, the Federal Government received N5.276 billion from the N35.171 billion EMTL, while state governments received N17.585 billion and local governments received N12.310 billion.
The Solid Minerals revenue of N28.218 billion was divided among the Federal Government, state governments, and local governments, with the Federal Government receiving N12.933 billion, state governments N6.560 billion, and local governments N5.057 billion. A further N3.668 billion was distributed as derivation revenue.
The communiqué also noted significant changes in the contributions to the overall revenue, with Oil and Gas Royalty and EMTL seeing notable increases.
However, other revenue sources such as VAT, Petroleum Profit Tax, Companies Income Tax, Excise Duty, Import Duty, and CET Levies experienced a decline during the month of February.
