The federal, state and local governments shared N699.824 billion as December 2021 subvention as declared by the Federation Accounts Allocation Committee (FAAC).
This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for January 2022.
The N699.824 billion total distributable revenue comprised distributable statutory revenue of N507.267 billion; distributable Value Added Tax (VAT) revenue of N187.409 billion and Exchange Gain of N5.148 billion.
In December 2021, the total deductions for cost of collection was N30.003 billion and the total deductions for statutory transfers, refunds and savings was N36.643 billion. The balance in the Excess Crude Account (ECA) was $35.368 million, showing a $3,000 gain compared to $35.365 it was as at December 2021.
The communiqué confirmed that from the total distributable revenue of N699.824 billion; the Federal Government received N279.457 billion, the State Governments received N221.190 billion and the Local Government Councils received N163.879 billion. The sum of N35.297 billion was shared to the relevant States as 13% derivation revenue.
The distributable statutory revenue of N507.267 billion was available for the month. From this, the 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% derivation revenue.
In the month of December 2021, the gross revenue available from the Value Added Tax (VAT) was N201.255 billion. This was higher than the N196.175 billion available in the month of November 2021 by N5.080 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 Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N187.409 billion.
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 Federal Government received N2.461 billion from the total Exchange Gain revenue of N5.148 billion. The State Governments received N1.248 billion, the Local Government Councils received N0.962 billion and N0.477 billion was shared to the relevant States as 13% derivation revenue.
According to the Communiqué, in the month of December 2021, Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably, Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Import and Excise Duties decreased marginally.
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