Tiers of Government

FAAC: FG, States, Local Government share ₦780.982 billion

The Federation Accounts Allocation Committee (FAAC) has shared ₦780.926 billion as March Federation Account Revenue to the Federal, States, Local Governments and relevant Agencies in the country.

Henshaw Ogubike, Director, Information, Press and Public Relations in the Office of Accountant General of the Federation, made this known in Abuja on Wednesday.

Ogubike said the ₦780.926 billion shared comprised Statutory Revenue, Value Added Tax (VAT) and Exchange Gain.

He stated that the gross statutory revenue for the month of March was ₦597.676 billion, adding that this was higher than the ₦466.058 billion received in February and January by ₦131.618 billion.

He disclosed that VAT yielded gross revenue of ₦120.268 billion in March as against ₦99.552 billion in February, resulting in an increase of ₦20.716 billion.

some_text

He added that the sum of ₦62.928 billion was available from Exchange Gain in the month under review.

The director explained that out of ₦780.926 billion total revenue, the Federal Government received ₦264.330 billion, the State Governments got ₦181.487 billion, and ₦135.950 billion was given to Local Government Councils.

According to him, Oil Producing States received ₦38.751 billion as 13% derivation revenue, while the cost of revenue collection by Revenue Agencies and allocation to NEDC is ₦160.408 billion.

Ogubike noted that the Federal Government received ₦217.773 billion from the gross statutory revenue of ₦597.676 billion,

Then, the State Governments received ₦110.457 billion and the Local Government Councils got ₦85.158 billion.

He further disclosed that the sum of ₦32.299 billion was given to the relevant States as 13% derivation revenue and ₦151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.

The director stated that Federal Government also received ₦16.777 billion from VAT revenue of ₦120.268 billion available in the month of March.

However, the State Governments got ₦55.925 billion and the Local Government Councils received ₦39.147 billion.

He added that the cost of collection by Revenue Agencies and allocation to NEDC was ₦8.419 billion.

“The Federal Government received ₦29.780 billion, the State Governments got ₦15.105 billion, the Local Government Councils received ₦11.645 billion and the Oil Producing States received ₦6.452 billion from the total revenue of ₦62.982 billion available from Exchange Gain.

“In the month of March, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and VAT all recorded substantial increases” he added

Ogubike disclosed that the FAAC meeting for the month of April, where the March revenues were shared, was held by virtual conferencing.

Meanwhile, the director announced that the balance in the Excess Crude Account (ECA) stood at $72.221 million.

FAAC: FG, States, Local Government share ₦780.982 billion

 

Previous articleMastercard begins Learning @Home with Girls4Tech™ Connect for Kids
Next articleFirstBank stays ahead of COVID-19, Keeps faith in customers
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.