Monthly Allocation: FG, States, LGs Share N606.196bn For April 2020

BY EDMOND ODOK, ABUJA – The Federation Accounts Allocation Committee (FAAC) has distributed a total sum of N606.196 billion to the three tiers of government as monthly allocation for April 2020.

Of the amount that captured earnings from Value Added Tax (VAT), Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the Federal Government got N169.831 billion; the States received N86.140 billion with the 774 Local Government councils getting N66.411 billion as their monthly take home.

Similarly, the oil producing states’ 13 per cent mineral revenue derivation from the monthly accruals amounted to N32.895 billion.

However, cost of collection; Federal Inland Revenue Service (FIRS) Refund; Allocation to North East Development Commission (NEDC); and Transfer to Excess Oil Revenue was N15.134 billion.

The FAAC meeting held on Friday, May 15, 2020 via Virtual Conferencing and was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr Mahmoud Isa-Dutse.

A communique issued by FAAC indicated that the Gross Revenue available from VAT for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, representing a shortfall of about N25.772 billion.

The funds distribution to all beneficiaries showed that the Federal Government received N13.182 billion; the States got N43.941 billion with the 774 Local Government Councils carting home N30.758 billion.

The distributed Statutory Revenue of N370.411 billion for the month was lower than the N597.676 billion received in the previous month of March by N227.265 billion.

The communique also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

A statement signed by Hassan Dodo, Director of Information in the Federal Ministry of Finance, Budget and National Planning, said; “The total revenue distributable for the current month, according to the committee is N606.196 billion.”

The amount includes cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS)