FAAC shares N581.56bn February allocation to FG, States, LG councils

The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion F to the federal, states and local governments for the month of February.

This was announced after a rescheduled meeting of the Committee after it was deadlocked last week due to disagreement over revenue figures.

A communique issued by the FAAC indicated that from the total revenue of N581.566 billion, the federal government received N236.118 billion, states received N159.010 billion, and the local government councils received N119.305 billion.

Oil producing states received N45.310 billion as 13 per cent derivation revenue while the revenue generating agencies received N21.822 billion as cost of revenue collection.

The N581.566 billion shared comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account. It was announced that the balance in the Excess Crude Account (ECA) was $ 72.221 million.

The gross statutory revenue for the month of February 2020 was N466.058 billion. This was lower than the N525.253 billion received in January by N59.195 billion.

Also for the month of February, the gross revenue available from VAT was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.

Exchange Gain yielded a total revenue of N0.757 billion, and revenue from Forex Equalization Account was N15.199 billion.

From the VAT revenue of N99.552 billion, the federal Government received N13.888 billion, the State Governments received N46.292 billion, the Local Government Councils received N32.404 billion and the Revenue Generating Agencies received N6.969 billion as cost of revenue collection.

The Exchange Gain revenue was N0.757 billion and the federal government received N0.350 billion, states received N0.178 billion, local government councils received N 0.137 billion while the oil producing states received N0.092 billion.

From the Forex Equalization Account revenue of N15.199 billion, the federal government received N6.966 billion, state governments received N3.533 billionot, local government councils received N2.724 billion while the oil producing states received N1.976 billion

The communique confirmed that in the month of February 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 decreases.

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