FAAC Shares N780.93 Billion As Allocation For March 2020

FAAC Shares N780.93 Billion As Allocation For March 2020

By Agency Reports on April 23, 2020
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Zainab Ahmed, Muhammadu Buhari, Hameed Ali, Nigeria, Childbirth
Zainab Ahmed, the Minister of Finance

The Federation Accounts Allocation Committee, FAAC, shared a total of N780.926 billion as the federation account revenue for March.

The Office of the Accountant-General of the Federation (OAGF) on Wednesday, April 22, 2020 announced that the three tiers of government and relevant agencies shared N780.926 billion at the end of the FAAC meeting.

The N780.926 billion comprised of statutory revenue, value-added tax, and exchange gain. In addition, the balance in the Excess Crude Account, ECA, grew marginally to $72.22 million.

The gross statutory revenue for the month of March 2020 was N597.676 billion, higher than the N466.058 billion received in February 2020.

Value Added Tax  (VAT), yielded gross revenue of N120.268 billion in March 2020 as against N99.552 billion in February 2020, an increase of N20.716 billion. A total of N62.928 billion was available from exchange gain in the month under review.

The OAGF noted that the statement of accounts indicated that from the total revenue of N780.926 billion, the Federal Government received N264.330 billion, state governments received N181.487 billion, while local government councils received N135.950 billion.

The oil-producing states received N38.751 billion as 13% derivation revenue, while the cost of revenue collection by revenue agencies and allocation to the North-East Development Commission, NEDC, was N160.408 billion.”

According to the Statement of Accounts, the Federal Government received N217.773 billion from the gross statutory revenue of N597.676 billion.

The state governments received N110.457 billion and the Local Government Councils received N85.158 billion.

N32.299 billion was given to the relevant states as 13 percent derivation revenue and N151.989 billion as the cost of revenue collection by revenue agencies and allocation to NEDC.

The Federal Government received N16.777 billion from the VAT revenue of the N120.268 billion available in  March 2020. The state governments received N55.925 billion, the local government received N39.147 billion while the cost of collection by revenue agencies and allocation to NEDC was N8.419 billion.

A breakdown showed that the Federal Government received N29.780 billion, state governments received N15.105 billion, local governments received N11.645 billion and the oil-producing states received N6.452 billion from the revenue of N62.982 billion available from exchange gain.

During the period, Petroleum Profit Tax, PPT, Companies Income Tax, CIT, Import and Excise  Duties, Oil and Gas Royalties, and VAT recorded substantial increases which resulted in the large volume of money shared yesterday.

The monthly FAAC meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing.

Members of FAAC could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.

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