BY GLORIA USMAN, ABUJA – The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.886 billion to the three tiers of government as revenue for the month of April 2021.
For the month of April 2021, distributable statutory revenue came to N429.733 billion; revenue from the Value Added Tax (VAT) was N164.340 billion; Excess Bank Charges Recovered was N0.563 billion; while Exchange Gain stood at N2.250 billion.
These figures were contained in a communiqué issued at the end of FAAC virtual meeting for May 2021.
It also explained that the sum of N20 billion from Non-Oil revenue was added as augmentation that brought the total distributable revenue to N616.886 billion.
For the month under review, total deductions as cost of collection, statutory transfers and refunds stood at N79.468 billion with the balance in the Excess Crude Account (ECA) reading $72.413 million.
The communiqué indicated that from the total distributable revenue of N616.886 billion; the Federal Government received N244.011billion, the State Governments received N193.432 billion, and the Local Government Councils received N143.298 billion. The sum of N36.145 billion was shared to the relevant States as 13% derivation revenue.
From the distributable statutory revenue of N429.733 billion; the Federal Government received N207.477 billion, the State Governments received N105.235 billion and the Local Government Councils received N81.132 billion. The sum of N35.890 billion was given to the relevant States as 13% derivation revenue.
For the Value Added Tax (VAT) revenue of N164.340 billion, the Federal Government got N24.651 billion; the State Governments received N82.171 billion; with the Local Government Councils getting N57.519 billion.
Similarly, the Exchange Gain revenue of N2.250 billion saw the Federal Government receiving N1.051 billion; the State Governments got N0.533 billion; the Local Government Councils received N0.411 billion with N0.255 billion going to the relevant States as 13 per cent derivation revenue.
Also, the communiqué confirmed that available funds from Excess Bank Charges (EBC) had the Federal Government receiving N0.296 billion; the State Governments got N0.150 billion; while the Local Government Councils received N0.116 billion.
The Federal Government received N10.536 billion, the State Government received N5.344 billion and the Local Government Councils received N4.120 billion from the N20 billion augmentation from Non-Oil revenue.
FAAC also explained that Petroleum Profit Tax (PPT) and Excise Duty recorded considerable increases during the month while collections for Companies Income Tax (CIT) and Oil and Gas Royalties decreased significantly.
It further reported that there was marginal downturn in Value Added Tax (VAT) and Import Duty revenue in the month of April.
