CEM REPORT | The three tiers of government in Nigeria (Federal, States and Local Governments) received from the federation account the sum of N574.668bn in January 2022.
This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February 2022.
The N574.668 billion comprised statutory revenue of N291.400 billion; Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion. Total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.
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From the total distributable revenue of N574.668 billion; the Federal Government received N204.580 billion, the state governments received N179.251 billion and the local government councils received N131.878 billion. A total of N58.959 billion was shared with the relevant states as 13% derivation revenue.