Home News FG, States And LGs Receive N725.5bn Earnings In March

FG, States And LGs Receive N725.5bn Earnings In March

by Good News

A file photo of the Accountant General of the Federation, Idris Ahmed, at his situation of work in Abuja. Channels TV/ Sodiq Adelakun.The Federation Accounts Allocation Committee (FAAC) has shared a total of N725.5 billion as Federation Tale revenue for March to the Federal Government, states, and local govt areas.

This used to be contained in a verbal exchange issued at the cease of a digital assembly of the FAAC for April held on Wednesday.

The N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and the distributable Price Added Tax (VAT) revenue of N204.402 billion.

In March 2022, the total deductions for the value of collection were N44.411 billion, and the total deductions for statutory transfers, refunds, and financial savings were N382. 826 billion. The steadiness in the Excess Erroneous Tale (ECA) used to be $35.372 million.

READ ALSO: FAAC Shares N574.668bn January 2022 Earnings To FG, States And LGAs

The verbal exchange confirmed that from the total distributable revenue of N725.571 billion, the Federal Government acquired N277.104 billion, the Deliver Governments acquired N227.201 billion and the Native Government Councils acquired N167.910 billion.

A total of N53.356 billion used to be shared with the relevant States as 13 per cent derivation revenue.

Unsuitable statutory revenue of N933.304 billion used to be acquired for the month which used to be larger than the N429.681 billion acquired in the previous month by N503.623 billion.

The sum of N35.631 billion mark of collection and N376.504 billion being amount for transfers, refunds, and financial savings were deducted from the N933.304 billion downhearted statutory revenue, ensuing in the distributable statutory revenue of N521.169 billion.

From the N521.169 billion distributable statutory revenue, the Federal Government acquired N246.444 billion, the Deliver Governments acquired N125.000 billion and the Native Government Councils acquired N96.369 billion.

The sum of N53.356 billion used to be shared to the relevant states as 13 per cent derivation revenue.

In the month of March 2022, the downhearted revenue on hand from the Price Added Tax (VAT) used to be N219.504 billion.

This used to be larger than the N177.873 billion on hand in the month of February 2022 by N41.631 billion.

The sum of N6.322 billion allocation to NEDC and N8.780 billion mark of the gathering were deducted from the N219.504 billion downhearted Price Added Tax (VAT) revenue, ensuing in the distributable Price Added Tax (VAT) revenue of N204.402 billion.

From the N204.402 billion distributable Price Added Tax (VAT) revenue, the Federal Government acquired N30.660 billion, the Deliver Governments acquired N102.201 billion and the Native Government Councils acquired N71.541 billion.

Essentially essentially based entirely on the verbal exchange, in the month of March 2022, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Tasks, Companies Earnings Tax (CIT), and Price Added Tax (VAT) all recorded sizable will increase.


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