The Federation Account Allocation Committee (FAAC) has disbursed N1.678 trillion among the Federal Government, state governments, and local government councils for February.
This information was made public in a communiqué issued by FAAC and shared by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
According to the document, the distributed funds included N827.633 billion from statutory revenue and N609.430 billion generated from Value Added Tax (VAT). Additionally, Electronic Money Transfer Levy (EMTL) contributed N35.171 billion, while revenue from Solid Minerals accounted for N28.218 billion. An extra N178 billion was allocated as augmentation.
The total revenue available for the month stood at N2.344 trillion. However, deductions for collection costs amounted to N89.092 billion, while N577.097 billion was allocated for transfers, interventions, refunds, and savings.
The communiqué revealed that February’s gross statutory revenue was N1.653 trillion, representing a decrease of N194.664 billion compared to the N1.848 trillion recorded in January. VAT revenue also declined to N654.456 billion from N771.886 billion, reflecting a drop of N117.430 billion.
From the N1.678 trillion shared, the Federal Government received N569.656 billion, while state governments were allocated N562.195 billion. Local government councils got N410.559 billion, and oil-producing states received N136.042 billion as derivation revenue.
Breaking down the statutory revenue distribution of N827.633 billion, the Federal Government’s share was N366.262 billion, while state governments received N185.773 billion. Local government councils got N143.223 billion, and N132.374 billion (13% of mineral revenue) was allocated to oil-producing states.
For the N609.430 billion generated from VAT, the Federal Government received N91.415 billion, state governments got N304.715 billion, and local councils were allocated N213.301 billion.
Regarding the N35.171 billion collected from EMTL, the Federal Government was allocated N5.276 billion, while states and local government councils received N17.585 billion and N12.310 billion, respectively.
In terms of solid minerals revenue, which amounted to N28.218 billion, N12.933 billion was allocated to the Federal Government, N6.560 billion to states, and N5.057 billion to local councils. Additionally, oil-producing states received N3.668 billion as derivation revenue.
The communiqué further noted an increase in revenue from Oil and Gas Royalty and EMTL, while collections from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and Common External Tariff (CET) Levies saw a decline.
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