Saturday, 16 May 2020 06:18

FG, States, LGs Share N606.196bn April Revenue

The Federation Accounts Allocation Committee (FAAC) Friday distributed a total of N606.196 billion as April allocation to the federal, state and local governments.

The distribution was conducted via a virtual conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

 

A communique issued after the conference indicated that the N606.196 billion comprised Value Added Tax (VAT), Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue.

The gross revenue available from the VAT for April was N94.495 billion as against N120.268 billion distributed in the preceding month of March resulting in a decrease of N25.772 billion.

The VAT distribution saw the federal government getting N13.182 billion, states received N43.941 billion, while local government councils got N30.758

A breakdown showed that out of the total distributable revenue of N606.196 billion, the federal government received N169.831 billon, the states (N86.140 billion), local government councils got N66.411 billion, while the oil producing states received N32.895 billion as 13 per cent derivation revenue.

A total of N15.134 billion was for cost of collection/FIRS refund/allocation to the North East Development Commission (NEDC) and transfer to excess oil account.

In recent months, FAAC had failed to break down these items to give a clear picture of what is allocated specifically to the NEDC, cost of collection and transfer to excess revenue.

The distributed Statutory Revenue of N370.411billion received for the reference month was lower than the N597.676 billion posted in the previous month by N227.265 billion.

The communique also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, oil and VAT all recorded decreases.

 

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