By Bilesanmi Abayomi
The Federation Account Allocation Committee (FAAC) convened on Thursday, distributing a hefty sum of N1.152 trillion in February revenue to the Federal Government, states, and Local Government Councils (LGCs). Chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, the meeting saw a comprehensive breakdown of the allocation.
According to the communiqué issued by FAAC, the total distributable revenue comprised statutory revenue of N101.349 billion, Value Added Tax (VAT) revenue of N428.806 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion, and Exchange Difference revenue of N607.444 billion.
Out of the N1.152 trillion, a total sum of N166.244 billion (13 per cent of mineral revenue) was shared to benefiting states as derivation revenue. The Federal Government received N352.409 billion, state governments received N366.950 billion, and LGCs received N267.153 billion from the total distributable revenue.
Further breakdown revealed that the Federal Government received N7.351 billion, state governments received N3.729 billion, and LGCs received N2.875 billion from the distributable statutory revenue. Additionally, N87.394 billion (13 per cent of mineral revenue) was allocated to benefiting states as derivation revenue.
Regarding the VAT revenue, the Federal Government received N64.321 billion, state governments received N214.403 billion, and LGCs received N150.082 billion. Similarly, the EMTL revenue of N15.157 billion was shared, with the Federal Government receiving N2.274 billion, state governments N7.578 billion, and LGCs N5.305 billion.
The Exchange Difference revenue saw the Federal Government receiving N278.463 billion, state governments N141.240 billion, and LGCs N108.891 billion. A notable increase was recorded in Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT, and CET levies, while Oil and Gas Royalties increased marginally. However, Company Income Tax (CIT) and EMTL experienced considerable decreases.
The balance in the Excess Crude Account (ECA) stood at $473.754 million at the close of the meeting.