Week earnings and global tumult has brought down Federation Account Allocation Committee (FAAC) allocation to the federal, state and local governments to N2.18 trillion between January to March 2022.
Cumulatively, the sum of N2.18 trillion was disbursed by the FAAC to the three tiers of government in the first three months of 2022.
But the N2.18 trillion is lower than N2.24 trillion allocated in the preceding fourth quarter of 2021.
Statistics collated from different reports of the National Bureau of Statistics showed that in January 2022, the FAAC disbursed N766.47 billion to the three tiers of government. This was from the total revenue generated in December 2021.
The amount disbursed comprised N560.07 billion from the statutory account, N5.15 billion from the Exchange Gain difference, and N201.26 billion from Valued Added Tax. According to Economic Confidential, the Federal Government received a total of N279.46 billion from the N766.47 billion, while states and local governments received a total of N221.19 billion and N163.88 billion, respectively. The sum of N35.30 billion was shared among the oil-producing states from the 13 per cent Derivation Fund.
In February 2022, the FAAC disbursed the sum of N692.86 billion to the three tiers of government from the total revenue generated in January 2022.
The Federal Government received a total of N204.58 billion from the N692.86 billion, while the states and local governments received a total of N179.25 billion and N131.88 billion, respectively.
Figures for March 2022 showed that the FAAC disbursed the sum of N722.38 billion to the three tiers of government from the total revenue generated in February 2022. The amount disbursed comprised N457.03bn from the statutory account, N80.00 billion from the Non-oil Excess account, N7.48bn as Excess Bank Charges, and N177.87 billion from Valued Added Tax. The Federal Government received a total of N236.18 billion from the N722.38 billion, while states and local governments received a total of N190.01 billion and N140.61 billion, respectively.
