November 28, 2022

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2022: Financial downturn reduces FAAC allocation to N2.18 trillion in first quarter


Week earnings and international tumult has introduced down Federation Account Allocation Committee (FAAC) allocation to the federal, state and native 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 presidency within the first three months of 2022.

However the N2.18 trillion is decrease than N2.24 trillion allotted within the previous fourth quarter of 2021.

Statistics collated from totally different stories of the Nationwide Bureau of Statistics confirmed that in January 2022, the FAAC disbursed N766.47 billion to the three tiers of presidency. This was from the full income generated in December 2021.

The quantity disbursed comprised N560.07 billion from the statutory account, N5.15 billion from the Change Achieve distinction, and N201.26 billion from Valued Added Tax. In accordance with Financial Confidential, the Federal Authorities obtained a complete of N279.46 billion from the N766.47 billion, whereas states and native governments obtained a complete of N221.19 billion and N163.88 billion, respectively. The sum of N35.30 billion was shared among the many 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 presidency from the full income generated in January 2022.

The Federal Authorities obtained a complete of N204.58 billion from the N692.86 billion, whereas the states and native governments obtained a complete of N179.25 billion and N131.88 billion, respectively.

Figures for March 2022 confirmed that the FAAC disbursed the sum of N722.38 billion to the three tiers of presidency from the full income generated in February 2022. The quantity disbursed comprised N457.03bn from the statutory account, N80.00 billion from the Non-oil Extra account, N7.48bn as Extra Financial institution Prices, and N177.87 billion from Valued Added Tax. The Federal Authorities obtained a complete of N236.18 billion from the N722.38 billion, whereas states and native governments obtained a complete of N190.01 billion and N140.61 billion, respectively.

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