Federal, state and local government areas have shared a total of N574.668 billion as revenue for 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 N574.668bn total distributable revenue comprises distributable statutory revenue of N291.400bn; distributable Value Added Tax (VAT) revenue of N178.066bn and exchange gain of N5.202bn and non-mineral revenue of N100bn.  

In January 2022, the total deductions for the cost of the collection were N25.421bn and the total deductions for statutory transfers, refunds and savings were N92.767bn. The balance in the Excess Crude Account (ECA) was $35.368mn. 

The communiqué confirmed that from the total distributable revenue of N574.668bn; the federal government received N204.580bn, the states received N179.251bn and the LGAs received N131.878bn. A total of N58.959bn was shared to the relevant states as 13 per cent derivation revenue.

In January 2022, the gross revenue available from VAT was N191.222bn. This was lower than the N201.255bn available in December 2021, by N10.033bn. 

From the N178.066bn distributable VAT revenue, the federal government received N26.710bn, the states received N89.033bn and LGAs received N62.323bn.

Daily Trust