The Federation Account Allocation Committee has shared a total sum of N725.57bn March 2022 revenue to the federal government, states and local government councils.
This was contained in a communiqué issued at the end of a virtual meeting of the FAAC for April 2022.
The N725.57bn total distributable revenue comprised distributable statutory revenue of N521.16bn and distributable Value Added Tax revenue of N204.4bn.
In March 2022, the total deduction for cost of collection was N44.411bn, while the total deductions for statutory transfers, refunds and savings was N382. 826bn.
The communique put the balance in the Excess Crude Account at $35.372m.
The communiqué confirmed that from the total distributable revenue of N725.57bn, the federal government received N277.1bn, the state governments received N227.2bn and the local government councils received N167.91bn.
It added that a total of N53.35bn was shared to the relevant States as 13 per cent derivation revenue.
A gross statutory revenue of N933.3bn was received for the month which was higher than the N429.68bn received in the previous month by N503.62bn.
It added that the sum of N35.63bn cost of collection and N376.5bn being amount for transfers, refunds and savings were deducted from the N933.3bn gross statutory revenue. This resulted in the distributable statutory revenue of N521.16bn.
From the N521.16bn distributable statutory revenue, the federal government received N246.44bn, the state governments received N125bn and the local government councils received N96.36bn.
The sum of N53.35bn was shared to the relevant states as 13 per cent derivation revenue.
In the month of March 2022, the gross revenue available from VAT was N219.5bn.
This was higher than the N177.87bn available in the month of February 2022 by N41.63bn.
The sum of N6.32bn allocation to North East Development Commission and N8.78bn cost of collection were deducted from the N219.5bn gross VAT revenue, resulting in the distributable VAT revenue of N204.4bn.