A total of N780.926 billion has been shared between the Federal, States
and Local Governments for March 2020 by the Federation Accounts
Allocation Committee (FAAC).
This was disclosed in a statement by the Director, Information, Press
and Public Relations, Henshaw Ogubike, after a virtual FAAC meeting with
the 36 state commissioners of finance, revenue generating agencies and
officials of the federal ministry of finance.
From the shared sum comprising statutory Revenue, Value Added Tax (VAT),
and Exchange Gain, “the Federal Government received N264.330 billion,
the State Governments received N181.487 billion, and the 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 NEDC was N160.408 billion.”
The statement added that gross statutory revenue for the month of March
2020 was N597.676 billion, higher than the N466.058 billion received in
February and January 2020 by N131.618 billion.
According to the Statement, 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. “The sum of N32.299 billion was given to the
relevant States as 13% derivation revenue and N151.989 billion was cost
of revenue collection by Revenue Agencies and allocation to NEDC.
“The Federal Government received N16.777 billion from the Value Added
Tax (VAT) revenue of N120.268 billion available in the month of March
2020. The State Governments received N55.925 billion, the Local
Government Councils received N39.147 billion, while the cost of
collection by Revenue Agencies and allocation to NEDC was N8.419
billion.”
Meanwhile the Federal Government also received N29.780 billion, the
State Governments received N15.105 billion, the Local Government
Councils received N11.645 billion and the Oil Producing States received
N6.452 billion from the total revenue of N62.982 billion available from
Exchange Gain.
“The month of March 2020, Petroleum Profit Tax (PPT), Companies Income
Tax(CIT), Import and Excise Duties, Oil and Gas Royalties and Value
Added Tax (VAT) all recorded substantial increases.