Ten days after the arrest of the Accountant-General of the Federation, Mr. Ahmed Idris for alleged N80bn scam, the Federation Account Allocation Committee has shared a total of N636.6bn April 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 FAAC for May 2022.
The meeting which was earlier scheduled for last week was postponed after the Economic and Financial Crimes Commission arrested Idris for N80bn scam.
The probe of the Accountant General of the Federation, Mr Ahmed Idris over alleged N80bn scam had forced the federal government to postpone the May 2022 Federation Account Allocation Committee meeting.
The ministry of finance, budget and national planning had postponed the meeting last Wednesday in a circular signed by the Director, Home Finance, Stephen Okon.
The committee, headed by the Minister of Finance, Mrs. Zainab Ahmed is made up of commissioners of finance from the 36 states of the federation; the Accountant General of the Federation, Mr. Ahmed Idris; and representatives of the Nigerian National Petroleum Corporation.
Others are representatives of the Federal Inland Revenue Service; Nigeria Custom Service; Revenue Mobilisation, Allocation and Fiscal Commission; as well as the Central Bank of Nigeria.
The Federation Account is currently being managed on a legal framework that allows funds to be shared under three major components of statutory allocation, Value Added Tax distribution and allocation made under the derivation principle.
Under statutory allocation, the Federal Government gets 52.68 per cent of the revenue shared; states, 26.72 per cent; and local governments, 20.60 per cent.
The framework also provides that VAT revenue be shared thus: Federal Government, 15 per cent; states, 50 per cent; and local governments, 35 per cent.
Similarly, extra allocation is given to the nine oil producing states based on the 13 per cent derivation formula.
But at the resumed meeting on Thursday, the sum of N656.602bn total distributable revenue was shared.
This comprises distributable statutory revenue of N461.189bn, distributable Value Added Tax revenue of N166.52bn, and N8.891bn being Excess Bank Charges Recovered.
The total deduction for cost of collection was put at N29.6bn and total deductions for transfers and refunds was N147.65bn.
The balance in the Excess Crude Account was $35.377m.
The communiqué confirmed that from the total distributable revenue of N656.602bn; the federal government received N257.611bn, the State Governments received N201.256bn and the Local Government Councils received N149.251bn.
The sum of N48.485bn was shared to the relevant States as 13 per cent derivation revenue.
A gross statutory revenue of N635.037bn was received for the month of April 2022. This was lower than the N933.304bn received in the previous month by N298.267bn.
From the N461.189bn distributable statutory revenue, the Federal Government received N217.412bn, the State Governments received N110.275bn and the Local Government Councils received N85.017bn. The sum of N48.485bn was shared to the relevant States as 13 per cent derivation revenue.