FAAC shares N 616.198 b to federal, states, LGs 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.198 billion to the three tiers of government from the federation revenue earned in April.

A communique issued by the FAAC, at the end of its meeting in Abuja, yesterday, indicated that the N616.198 billion comprised revenue from Value Added Tax (VAT), exchange gain and gross statutory revenue.

The gross statutory revenue for the month was N518.916 billion which was higher than the N446.647 billion received in the previous month by N72.269 billion. Revenue from Value Added Tax (VAT) was N96.485 billion as against N92.181 billion distributed in the previous month, resulting in an increase of N4.304 billion.Exchange Gain yielded a total revenue of N0.797 billion.

The Committee announced that as at 20th May, 2019, the balance in the excess crude account was $144million. Out of the N616.198 billion shared, the federal government received N253.918 billion, the states received N168.056 billion, and the local government councils received N126.278 billion. The oil producing states received N46.353 billion as 13% derivation revenue and the revenue generating agencies received N21.593 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N518.916 billion, the federal government received N239.655 billion, the states received N121.556 billion, the local government councils received N93.715 billion, the oil producing states received N46.256 billion as 13% derivation revenue and the revenue collecting agencies received N17.734billion as cost of collection.

From the value added tax (VAT), the federal government received N13.894 billion, the states received N46.313 billion, the local government councils received N32.419 billion and the revenue generating agencies received N3.859 billion.

According to the committee, revenues from petroleum profit tax (PPT), import duty and companies income tax (CIT) recorded significant increases; revenue from value added tax (VAT) recorded a marginal increase; while oil royalty and export duty decreased substantially.