The Federation Accounts Allocation Committee (FAAC) has shared a total of N699.824 billion – being revenue that was generated in December – among the federal government, states and local government government areas.
The N699.824 billion comprised distributable statutory revenue of N507.267 billion; N187.407 billion generated from Value Added Tax (VAT) and exchange gain of N5.148 billion.
In December 2021, all the revenue generating agencies deducted N30.003 billion as cost of revenue collection. Also , total deductions for statutory transfers, refunds and savings was N36.643 billion.
The balance in the Excess Crude Account (ECA) was $35.368 million, according to a statement that was issued by Office of Accountant-general of the Federation yesterday.
From the N507.267 billion revenue, exclusive of VAT, federal government received N248.885 billion, the state governments received N126.238 billion and the local government councils received N97.324 billion. The sum of N34.820 billion was shared to the relevant States as 13 per cent derivation revenue.
From the N187.409 billion distributable Value Added Tax (VAT) revenue, the federal government received N28.111 billion, the state governments received N93.705 billion and the local government councils received N65.593 billion.
The sum of N5.796 billion allocation to NEDC and N8.050 billion cost of collection were deducted from the N201.255 billion gross VAT revenue, resulting in the distributable VAT revenue of N187.409billion.
