FAAC shares N581.6bn to three tiers of govt for February
Following the stalemate of the last week’s Federation Accounts Allocation Committee (FAAC) meeting, may have been settled, with the announcement of the sharing of about N581.566 billion to the Federal, States and Local Governments for February 2020.
The decision was announced at the end of the rescheduled meeting of the FAAC held in Abuja on Monday.
A communique issued by the Office of the Accountant General of the Federation on the behalf of the FAAC said the N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account.
Pompeo meets Afghan rivals, discusses peace deal and political crisis
The communique said the balance in the Excess Crude revenue Account (ECA) stood at about $72.221 million.
Details of the allocations showed gross statutory revenue for the month of February 2020 was about N466.058 billion.
This was lower by N59.195 billion than the N525.253 billion received in January 2020.
Also, for the month, the gross revenue available from the VAT was about N99.552 billion as against N104.758 billion in the previous month, a decrease of N5.206 billion.
Exchange Gain yielded a total revenue of about N757 million, and revenue from Foreign exchange Equalization Account was about N15.199 billion.
The Accountant General of the Federation, Ahmed Idris, said from the total revenue of N581.566 billion, the Federal Government received N236.118 billion, the State Governments N159.010 billion, and the Local Government Councils N119.305 billion.
The Oil Producing States received N45.310 billion as 13 per cent derivation revenue and the Revenue Generating Agencies N21.822 billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N466.058 billion, the Federal Government received N214.915 billion, the State Governments N109.008 billion and the Local Government Councils N84.040 billion.
The Oil Producing States received N43.242 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N14.853 billion as the cost of collection.
From the VAT revenue of N99.552 billion, the Federal Government received N13.888 billion, the State Governments N46.292 billion, the Local Government Councils N32.404 billion and the Revenue Generating Agencies received N6.969 billion as cost of revenue collection.
The Exchange Gain revenue was N757million and the Federal Government received N350 million, the State Governments N178 million, the Local Government Councils N137 million and the Oil Producing States received N92 million.
The foreign exchange equalization account revenue was N15.199 billion, with the Federal Government receiving N6.966 billion, the State Governments N3.533 billion, the Local Government Councils N2.724 billion and the Oil Producing States received N1.976 billion
The communique confirmed that in the month of February 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded a substantial decline.
