FG, states share N606.196b April’s FAAC revenue

The federal government and states of the federation have shared the sum of N606.196billion federation revenue generated in the month of April, this year.
According to a statement by the Director of Press and Information in the ministry, Mr. Hassan Dodo, the distribution was made yesterday in Abuja at the monthly Federation Accounts Allocation Committee (FAAC) meeting held via virtual conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

Of the amount distributed, which included VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the federal government received N169.831billon, the states received N86.140billion, local government councils got N66.411billion, while the oil producing states received N32.895billion as derivation (13 per cent mineral revenue).

Also, he said cost of collection/FIRS Refund/ Allocation to North East Development Commission and Transfer to Excess Oil Revenue gulped N15.134billion.A further breakdown by a communiqué issued by FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for April this year was N94.495billion, as against the N120.268billion distributed in the preceding month of March, resulting in a decrease of N25.772billion.

The distribution is as follows- federal government got N13.182billion, the states received N43.941billion and local government councils got N30.758billon.

The distributed statutory revenue of N370.411billion received for the month was lower than the N597.676billion received for the previous month by N227.265billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS), according to the committee, is N606.196billion.

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