FAAC Shares N581.566bn As Feb 2020 Revenue To FG, States, LGs
BY COBHAM NSA, ABUJA – The Federation Accounts Allocation Committee (FAAC) on Monday distributed a total of N581.566 billion as February 2020 monthly revenue to the three tiers of governments in the country
At a rescheduled FAAC meeting held in Abuja, the Committee explained that the N581.566 billion consists of Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account during the period.
This is as FAAC also announced that the Excess Crude Account (ECA) balance stood at $72.221 million as at February ending.
A statement by Director of Press and Public Relations, Office of the Accountant General of the Feferstion (OAGF), Henshaw Ogubike, said the gross statutory revenue for the month was N466.058 billion, noting that the figure was lower than the N525.253 billion received in January 2020 by about N59.195 billion.
The statement also explained that gross revenue available from Value Added Tax (VAT) for the month stood at N99.552 billion compared to N104.758 billion in the previous month, representing a shortfall of N5.206 billion from the January earnings.
It further said the Exchange Gain yielded a total revenue of N0.757 billion, while revenue from Forex Equalization Account (FEA) came to about N15.199 billion.
A communique issued by FAAC on the shared revenue indicated that from the total revenue of N581.566 billion, the Federal Government received N236.118 billion, the State Governments got N159.010 billion, while the Local Government Councils went home with N119.305 billion.
For the Oil Producing States, they got N45.310 billion as 13 per cent derivation revenue just as the Revenue Generating Agencies carted home about N21.822 billion as cost of revenue collection.
Further breakdown of the distributable revenue indicated that of the N466.058 billion gross statutory revenue, the Federal Government got N214.915 billion, the 36 State Governments received N109.008 billion and the Local Government Councils got N84.040 billion.
The Oil Producing States received N43.242 billion as 13 % derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.
From the Value Added Tax (VAT) revenue of N99.552 billion, the Federal Government received N13.888 billion, the State Governments received N46.292 billion, the Local Government Councils received N32.404 billion and the Revenue Generating Agencies received N6.969 billion as cost of revenue collection.
The Exchange Gain revenue was N0.757 billion and the Federal Government received N0.350 billion, the State Governments received N0.178 billion, the Local Government Councils received N 0.137 billion and the Oil Producing States received N0.092 billion.
Of the Forex Equalization Account (FEA) revenue of N15.199 billion, the Federal Government took home N6.966 billion; the State Governments got N3.533 billion; the Local Government Councils went away with N2.724 billion while the Oil Producing States got N1.976 billion
However, the communique confirmed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial decreases during the month of February.
