FG, States, LGs Share N681.330bn As March 2021 Allocation
BY EDMOND ODOK – For their March 2021 revenue allocations, the three tiers of government on Friday put aside their initial bickering to share a total of N681.33 billion as captured by the Federation Accounts Allocation Committee (FAAC).
According to FAAC’s communique, from the total distributable revenue, the Federal Government got N212.146 billion; the state governments received N179.242 billion while the local government councils carted home N132.193 billion
The communique also indicated that for the month, the sum of N154 billion was transferred to the non-oil revenue savings with the balance in the Excess Crude Account (ECA) rising to $72.413 million.
Rising from its virtual meeting for April 2021, FAAC disclosed that the month’s gross statutory revenue stood at N466.687 billion, while Value Added Tax (VAT) and Exchange Gain revenue came in at N181.712 billion and N2.931 billion respectively.
The Committee further explained that N30 billion was used to augment the month’s revenue, thereby bringing the total income for distribution to N681.330 billion, adding that “the sum of N40.241 billion was shared to the relevant states as 13% derivation revenue, while the cost of revenue collection, transfers and refunds was N87.507 billion.”
Indicating that “the N30 billion augmentations was also shared as appropriate”, the communique said from the gross statutory revenue of N466.687 billion available in March 2021, the Federal Government received N185.365 billion, the state governments got N94.020 billion while N72.485 billion went to the 774 local government councils.
From the Value Added Tax (VAT) revenue of N181.712 billion available for the month, the Federal Government got N25.349 billion; the State Governments received N84.497 billion; the local government councils got N59.148 billion while N12.719 billion stood as cost of collection, transfers and refunds.
Also from the total revenue of N2.931 billion available as Exchange Gain proceeds, the Federal Government got N1.432 billion; state governments received N0.726 billion; local government councils were given N0.560 billion with the oil producing states getting N0.213 billion.
Giving further details on the month’s revenue earnings, the FAAC’s communique explained that during the month under review, import duty; oil and gas royalty; excise duty; Value Added Tax (VAT); and Companies Income Tax (CIT), all recorded tremendous increases while only Petroleum Profit Tax (PPT) recorded substantial decrease in its returns.
