The Federation Accounts Allocation Committee has shared N695.03 billion to the three tiers of government as revenue for February amid plans by the Nigerian National Petroleum Corporation limited to deduct N242.53 billion for subsidy.
The FAAC Director Information, Mr. Olajide Oshundun, says the Federal Government received N236 billion, the states received N190 billion, the Local Government Councils got N140 billion, while the oil-producing states received N23billion as derivation and Cost of Collection received N23 billion and Transfer/ Refunds got N80 billion.
Oshundun noted that the Gross Revenue available from the Value Added Tax for February 2022 was N177 billion as against N191 billion distributed in the preceding month of January 2022, resulting in a decrease of N13 billion.
It also revealed that Petroleum Profit Tax increased significantly, while Oil and Gas Royalties increased marginally.