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HomeBusinessExcess Crude Account, $35.377m as of 25th May 2022 - FG

Excess Crude Account, $35.377m as of 25th May 2022 – FG

… FAAC shares N656. 602bn in April

BY ONU OKORIE

Federal Government has revealed that the balance in the Nigeria’s Excess Crude Account as of 25th May 2022 stands at $35.377 million.

This was part of the communique released by the Federal Ministry of Finance, Budget and National Planning after the Federation Account Allocation Committee FAAC meeting in Abuja yesterday.

The FAAC at its meeting through Virtual Conference shared a total sum of N656.602 billion to the three tiers of government, as federation allocation for the month of April 2022.

From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT, Excess Bank Charges Recovered and Augmentation of N20 billion, the Federal Government received N257.611 billion, the States received N201.256 billion, the Local Government Councils got N149.251 billion, while the Oil producing states received N48.485 billion as derivation (13% of Mineral Revenue).

The communiqué indicated that the Gross Revenue available from the Value Added Tax (VAT) for April 2022 was N166.522 billion. The distribution is as follows; Federal Government got N24.978 billion, the States received N83.261 billion, Local Government Councils got N58.283 billion.

According to the communique, Gross Statutory Revenue of N461.189 billion, from which the Federal Government was allocated the sum of N217.412 billion, States got N110.275 billion, LGCs got N85.017, Derivation (13% Mineral Revenue) got N48.485 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), Oil and Excise Duty increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N461.189 billion, Value Added Tax (VAT) of N166.522 billion, Excess Bank Charges Recovered of N8.891 billion and an Augmentation of N20 billion bringing the total distributable for the month to N656.606 billion.

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