A total of N780.926 billion has been shared between the Federal, States
\nand Local Governments for March 2020 by the Federation Accounts
\nAllocation Committee (FAAC).<\/p>\n
This was disclosed in a statement by the Director, Information, Press
\nand Public Relations, Henshaw Ogubike, after a virtual FAAC meeting with
\nthe 36 state commissioners of finance, revenue generating agencies and
\nofficials of the federal ministry of finance.<\/p>\n
From the shared sum comprising statutory Revenue, Value Added Tax (VAT),
\nand Exchange Gain, \u201cthe Federal Government received N264.330 billion,
\nthe State Governments received N181.487 billion, and the Local
\nGovernment Councils received N135.950 billion.\u201d<\/p>\n
\u201cThe Oil Producing States received N38.751 billion as 13% derivation
\nrevenue, while the cost of revenue collection by Revenue Agencies and
\nallocation to NEDC was N160.408 billion.\u201d<\/p>\n
The statement added that gross statutory revenue for the month of March
\n2020 was N597.676 billion, higher than the N466.058 billion received in
\nFebruary and January 2020 by N131.618 billion.<\/p>\n
According to the Statement, the Federal Government received N217.773
\nbillion from the gross statutory revenue of N597.676 billion; the State
\nGovernments received N110.457 billion and the Local Government Councils
\nreceived N85.158 billion. \u201cThe sum of N32.299 billion was given to the
\nrelevant States as 13% derivation revenue and N151.989 billion was cost
\nof revenue collection by Revenue Agencies and allocation to NEDC.<\/p>\n
\u201cThe Federal Government received N16.777 billion from the Value Added
\nTax (VAT) revenue of N120.268 billion available in the month of March
\n2020. The State Governments received N55.925 billion, the Local
\nGovernment Councils received N39.147 billion, while the cost of
\ncollection by Revenue Agencies and allocation to NEDC was N8.419
\nbillion.\u201d<\/p>\n
Meanwhile the Federal Government also received N29.780 billion, the
\nState Governments received N15.105 billion, the Local Government
\nCouncils received N11.645 billion and the Oil Producing States received
\nN6.452 billion from the total revenue of N62.982 billion available from
\nExchange Gain.<\/p>\n
\u201cThe month of March 2020, Petroleum Profit Tax (PPT), Companies Income
\nTax(CIT), Import and Excise Duties, Oil and Gas Royalties and Value
\nAdded Tax (VAT) all recorded substantial increases.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":1,"featured_media":72971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-72970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n