Modest Increase In The FAAC Payout
The gross monthly distribution by the Federation Account Allocation Committee (FAAC)
to the three tiers of government and public agencies amounted to N725.6bn in April (from
March revenue). This shows an increase of 4.4% or N30.6bn from the previous payout.
Based on data in the local media, we learnt that companies’ income tax (CIT), petroleum
profit tax (PPT), value added tax (VAT), oil and gas royalties, import and excise duties
recorded increases over the previous month. The FGN received a total of N277.1bn and
state governments received N227.2bn, including N53.4bn representing the 13%
derivation for the few oil producing states.