The three tiers will be liquid for some time following the disbursement of NN656.602 billion to them by the Federation Account Allocation Committee (FAAC).
FAAC after its May 2022 meeting stated that the N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.
In April 2022, the total deductions for the cost of the collection were N29.609 billion and total deductions for transfers and refunds were N147.651 billion. The balance in the Excess Crude Account (ECA) was $35.377 million.
From the total of N656.602 billion, the Federal Government received N257.611 billion, the State Governments received N201.256 billion and the Local Government Councils received N149.251 billion. The sum of N48.485 billion was shared with the relevant States as 13 per cent derivation revenue.
Gross statutory revenue of N635.037 billion was received for April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion.
From the N461.189 billion distributable statutory revenue, the Federal Government received N217.412 billion, the State Governments received N201.256 billion and the Local Government Councils received N85.017 billion.
The sum of N48.485 billion was shared with the relevant States as 13 per cent derivation revenue.
In April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825 billion. This was lower than the N219.504 billion available in March 2022 by N40.679 billion.
From the N166.522 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978 billion, the State Governments received N83.261billion and the Local Government Councils received N58.28 billion.
The Federal Government received N4.684 billion; the State Governments received N2.376 billion and the Local Government Councils received N1.831billion from the N8.891 billion Excess Bank Charges Recovered.
The N20.00 billion augmentation was shared as follows: the Federal Government received N10.536 billion, the State Governments received N5.344 billion and the Local Government Councils received N4.120 billion.
The committee did not give full details in the communique on April 2022 allocation but noted that Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.
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