FAAC Shares N1.894 Trillion In February As VAT And Statutory Revenues Decline

The federation account allocation committee (FAAC) says it distributed the sum of N1.894 trillion in February to the federal government, states, and local government councils.
The revenue was distributed during the March 2026 FAAC meeting held in Abuja on Friday, chaired by Wale Edun, minister of finance and coordinating minister of the economy.

As of the time of filling this report, the finance ministry has not answered TheCable’s enquiry on January allocation.

According to a statement by the ministry, the committee said the total gross revenue available in February stood at N2.23 trillion before deductions were made.

From the N1.894 trillion total distributable revenue, FAAC said the federal government received N675.08 billion, states shared N651.52 billion, local governments received N456.46 billion, while N110.94 billion was given to oil-producing state as 13 percent derivation revenue from mineral resources.
According to the communiqué, from the gross revenue, N77.30 billion was deducted as cost of collection, while N259.07 billion was set aside for transfers, refunds and refunds.

The committee also said gross revenue from value-added tax (VAT) in February stood at N668.45 billion – lower than the N1.08 trillion recorded in January, indicating a decline of N414.71 billion.
Out of the VAT revenue, N26.73 billion went to the cost of collection and N22.59 billion was allocated for transfers, intervention and refunds, leaving the three-tiers of government to share the remaining N619.11 billion, with the federal government receiving N61.91 billion, the states getting N340.51 Billion and N216.69 billion allocated to the local governments.

The communiqué added that the gross statutory revenue for February was N1.56 trillion, falling below the N1.95 trillion recorded in January — representing a N395.13 billion decline.
FAAC said, from the gross statutory revenue last month, N50.56 billion was deducted for the cost of collection and N236.48 billion was allocated for transfers, intervention and refunds.
From the remaining balance of N1.27 trillion, N613.17 billion was distributed to the federal government, states received N311.01 billion, and N239.77 billion was allocated to the local governments, with N110.94 billion going to derivation revenue (13 percent mineral producing states).

Also, the committee said oil and gas royalty and excise duty recorded notable increases during the period.
However, revenues from petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties and VAT recorded significant declines, according to the group.
The committee also said import duty and the common external tariff recorded slight increases during the month.

Comments

Post a Comment

Popular posts from this blog

Osun LG Crisis: How PDP played into the hands of APC (Part 3)

Image
By Ismail Omipidan  This particularly piece, is deliberately not going to be a long one. It is a follow-up to the part One and Two that I shared last year. This very intervention is necessited by my appearance as a Public Affairs Analyst on News Central TV last night , where i discussed the same subject matter. It also forms part of my continued effort to contribute meaningfully to political discourse by promoting accurate information and countering the spread of unverified claims, half-truths, and propaganda. For clarity, I have presented my submissions in bullet points, titled “15 Points to Know on the Osun Local Government Crisis.” Here are the points:  1. Governor Ademola Adeleke lied when he claimed he did not sack the council chairmen and councillors he met when he assumed office.   2. On the 28th of November,  2022, barely 24 hours after his swearing-in, his CPS, Mr. Olawale Rasheed, issued a statement directing the most senior career heads ac...
Read more

OSUN LG WORKERS PLEA FOR HELP, ALLEGING ADELEKE IS ENGAGING IN VENGEFUL ACTIONS THROUGH SUSPENSIONS AND TERMINATIONS OF THEIR APPOINTMENTS

Image
_30th January,2026_ Osun Local Government Workers are allegedly asking who will help prevail on Ademola Adeleke administration on behalf of some selectively victimized local government officials, especially at this time that the administration is behaving like a mad bull in a china shop?  According to reports,virtually all Local Government officials who they perceived as not heeding their wicked calls not to support the All Progressive Congress (APC) political officials currently in charge of at the local government are being punished with suspension from work using dubious charges. In the civil service, it is a common occurrence for employees who err to be formally queried, suspended, or terminated by their employers following rigorous disciplinary proceedings. What may be deemed unusual under civil service rules and regulations is the suspension of local government staff on dubious grounds. It is noteworthy that Osun Local Government staff were suspended by the Local ...
Read more

𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: 𝐀𝐥𝐥 𝐏𝐃𝐏 𝐎𝐬𝐮𝐧 𝐒𝐞𝐧𝐚𝐭𝐨𝐫𝐬 𝐞𝐧𝐝𝐨𝐫𝐬𝐞 𝐏𝐫𝐞𝐬𝐢𝐝𝐞𝐧𝐭 𝐓𝐢𝐧𝐮𝐛𝐮 𝐟𝐨𝐫 2027

Image
All three Senators from Osun State were elected on the platform of the Peoples Democratic Party, PDP have unequivocally endorsed President Bola Tinubu as their sole and legitimate Presidential candidate for the 2027 general elections. The Senators did this under the aegis of Osun State Senators’ Caucus of the PDP. In a joint statement signed yesterday in Abuja by Senator Kamarudeen Lere Oyewumi, PDP, Osun West), Senator Olubiyi Fadeyi Ajagunla, PDP, Osun Central, and Senator Francis Adenigba Fadahunsi, PDP, Osun East, the Senators affirmed their unwavering support for President Tinubu’s continued leadership. The decision of the Senators was sequel to a strategic meeting held yesterday where they unanimously declared their endorsement of President Bola Tinubu for a second term in office come 2027. The Senators who said they support the President’s transformative infrastructure projects and sound economic policies, which have already begun to yield tangible benefi...
Read more