Week earnings and global turmoil have reduced FAAC allocation to the federal, state, and local governments to N2.18 trillion between January and March 2022.
The FAAC distributed N2.18 trillion to the three levels of government in the first three months of 2022.
However, the N2.18 trillion allocated is less than the N2.24 trillion allocated in the fourth quarter of 2021.
According to data compiled from various National Bureau of Statistics reports, the FAAC distributed N766.47 billion to the three levels of government in January 2022. This was calculated as a percentage of total revenue generated in December 2021.
The funds were distributed as follows: N560.07 billion from the statutory account, N5.15 billion from the difference in exchange rates, and N201.26 billion from Value Added Tax. According to Economic Confidential, the Federal Government received N279.46 billion out of a total of N766.47 billion, while states and local governments received N221.19 billion and N163.88 billion, respectively. The oil-producing states shared N35.30 billion from the 13% Derivation Fund.
The FAAC distributed N692.86 billion to the three levels of government in February 2022, based on total revenue generated in January 2022.
The Federal Government received N204.58 billion out of the total of N692.86 billion, while states and local governments received N179.25 billion and N131.88 billion, respectively.
According to data for March 2022, the FAAC distributed N722.38 billion to the three levels of government from total revenue generated in February 2022. The disbursement included N457.03 billion from the statutory account, N80.00 billion from the Non-oil Excess account, N7.48 billion in Excess Bank Charges, and N177.87 billion in Value Added Tax. The Federal Government received N236.18 billion out of the total of N722.38 billion, while states and local governments received N190.01 billion and N140.61 billion, respectively.
