FG, states, LGAs share N656.602bn April revenue – FAAC

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The Federation Account Allocation Committee on Thursday shared N656.602bn April 2022 Federation Account Revenue to the Federal Government, states and local government areas.

According to a communique issued at the end of FAAC meeting held in Abuja, the N656.602bn distributable revenue comprised distributable statutory revenue of N461.189bn, Value Added Tax revenue of N166.522bn, N8.89bn excess bank charges recovered and augmentation of N20bn.

The statement said the Federal Government received N257.611bn, while N201.256bn went to the states and LGAs got N149.251bn.

About N48.485bn was shared to the relevant states as 13 per cent derivation revenue.

“The N20bn augmentation was shared as follows: the Federal Government received N10.536bn, the state governments received N5.344 bn and the Local Government Councils received N4.120bn,” the communique read.

It added that in April 2022, Petroleum Profit Tax and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax and Value Added Tax declined


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