A total of N780.926 billion has been shared between the Federal, States and Local Governments for March 2020 by the Federation Accounts Allocation Committee (FAAC).
This was disclosed in a statement by the Director, Information, Press and Public Relations, Henshaw Ogubike, after a virtual FAAC meeting with the 36 state commissioners of finance, revenue generating agencies and officials of the federal ministry of finance.
From the shared sum comprising statutory Revenue, Value Added Tax (VAT), and Exchange Gain, “the Federal Government received N264.330 billion, the State Governments received N181.487 billion, and the Local Government Councils received N135.950 billion.”
“The Oil Producing States received N38.751 billion as 13% derivation revenue, while the cost of revenue collection by Revenue Agencies and allocation to NEDC was N160.408 billion.”
The statement added that gross statutory revenue for the month of March 2020 was N597.676 billion, higher than the N466.058 billion received in February and January 2020 by N131.618 billion.
According to the Statement, the Federal Government received N217.773 billion from the gross statutory revenue of N597.676 billion; the State Governments received N110.457 billion and the Local Government Councils received N85.158 billion. “The sum of N32.299 billion was given to the relevant States as 13% derivation revenue and N151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.
“The Federal Government received N16.777 billion from the Value Added Tax (VAT) revenue of N120.268 billion available in the month of March 2020. The State Governments received N55.925 billion, the Local Government Councils received N39.147 billion, while the cost of collection by Revenue Agencies and allocation to NEDC was N8.419 billion.”
Meanwhile the Federal Government also received N29.780 billion, the State Governments received N15.105 billion, the Local Government Councils received N11.645 billion and the Oil Producing States received N6.452 billion from the total revenue of N62.982 billion available from Exchange Gain.
“The month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax(CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases.
