The Federation Accounts Allocation Committee (FAAC) on Wednesday disclosed that a total sum of N780.926 billion was shared by the three tiers of government in March from the revenue accruals to the Federation Account.
The FAAC meeting, where the distributions to the tiers of government were agreed upon, was held through virtual conferencing in line with the government’s order on social distancing as the COVID-19 pandemic continues its spread across the country.
According to the statement of accounts issued at the end of the FAAC virtual meeting, the N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain. The balance in the Excess Crude Account (ECA) was $72.221 million.
The breakdown showed that the gross statutory revenue for the month in review was N597.676 billion, representing an increase over the N466.058 billion raked in the preceding month by N131.618 billion.
A further analysis of the showed that the Value Added Tax (VAT) yielded gross revenue of N120.268 billion in March 2020 as against N99.552 billion in February 2020, resulting in an increase of N20.716 billion. Loading.. Copy video url Play / Pause Mute / Unmute Report a problem Language Mox Player
A total of N62.928 billion was available from Exchange Gain in the month under review.
The statement of accounts indicated that from the total revenue of N780.926 billion, the Federal Government received N264.330 billion, the state governments received N181.487 billion, and the local government councils received N135.950 billion.
In addition, 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.
According to the accounts data, the Federal Government received N217.773 billion from the gross statutory revenue compared to the states’ N110.457 billion and the local government councils’ N85.158 billion. Minerals producing states got additional N32.299 billion as 13% derivation revenue and N151.989 billion was cost of revenue collection by revenue agencies and allocation to NEDC.
On VAT, the Federal Government got N16.777 billion while the states and local governments received N55.925 billion and N39.147 billion respectively, The cost of collection shared by revenue agencies and allocation to NEDC was N8.419 billion.
