BY COBHAM NSA, ABUJA – Another round of good news has come the way of the three tiers of government with the Federation Accounts Allocation Committee (FAAC) sharing a total of N616.198 billion as distributable revenue for the month of April 2019.
Breakdown of the net statutory revenue indicated that while the Federal Government got N253.918 billion, representing 52.68 per cent, the 36 States received N168.056 billion, which is 26.72 per cent of the allocated revenue.
In the kitty for all 774 Local Government Councils is N126.278 billion, representing 20.60 per cent, even as the Oil Producing States went home with N46.353 billion as their usual 13 per cent derivation revenue.
These figures were contained in communiqué issued in Abuja on Wednesday by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) and signed by Acting Accountant-General of the Federation, Mr. M. K Usman at the end of its meeting.
According to the document, the accrued gross statutory revenue of N518.916 billion for the month is higher by N72.269 billion than the N446.647 billion recorded in the month of March.
It explained that revenues from Petroleum Profit Tax (PPT), Import duty and Companies Income Tax (CIT) also witnessed considerable increases during the period.
Though Value Added Tax (VAT) for the month also rose marginally, the story was slightly different for Oil Royalty and Export duty which recorded substantial low in their accruals to the federation accounts.
Consequently, total revenue distributable for April, including VAT and Exchange Gain, stood at N616.198 billion with the shared sums comprising the month’s statutory distributable revenue of N512.609 billion as well as N96,485 billion gross revenue available from Value Added Tax (VAT).
The VAT was N96,485 billion an increase of N4,304 billion over the N92,181 billion shared in March 2019.
A statement by Ojo A. Olubunmi for Deputy Director/Head Press & Public Relations in the Office of the Accountant General of the Federation (OAGF), said VAT revenue for the month saw the Federal Government getting N13.894 billion (15 per cent); the States received N46.313 billion (50 per cent) with the Local Government Councils cornering the remaining N32.419 billion (35 per cent) as their share
