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N606 billion Was Shared Among Nigerian Govt, States And local Councils For April.

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N606 billion Was Shared Among Nigerian Govt, States, And local Councils For April.

N606 billion was shared among Nigerian govt, states, and local councils on Friday as federal allocation for the month of April 2020.

At the end of the online meeting of the Federal Accounts Allocation Committee (FAAC) in Abuja, the details of the allocation were contained in a Secretariat report released by the office of the Accountant General of the Federation.

Mahmoud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance, Budget, and National planning presided the meeting.

The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges, and Excess Crude Oil Revenue.

The breakdown of the allocations showed the federal government received about N169.831 billion, the states N86.140 billion, local government councils N66.411 billion, while the oil-producing states received N32.895 billion as derivation (13 percent Mineral Revenue).

The report said the cost of collection for the Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR), and Nigeria Customs Service (NCS) Refund; as well as allocation to the North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.

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The Federation Accounts Allocation Committee (FAAC) said the gross revenue available from the Value Added Tax (VAT) for the month was about N94.495 billion as against the N120.268 billion distributed in the preceding month, a decrease of about N25.772 billion.

The distribution showed the federal government got N13.182 billion, the states N43.941 billion, while local government councils got N30.758 billion.

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

This showed a predicted trajectory of decline in revenue accrual as a result of the continued ravaging impact of the coronavirus pandemic on the global economy, particularly the international crude oil market.

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.

No details of the decreases were provided in the communique.

The total revenue distributable for the current month (including the cost of collection to NCS, DPR, and FIRS) according to the committee is N606.196 billion.

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Finance

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