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Uche Usim, Abuja
The Federal Government, 36 states, FCT and 774 local government areas shared N581.566 billion as subvention for the month of March from the revenue generated in February. The figure, shared by the Federation Accounts Allocation Committee (FAAC) is less than N647.353billion that was shared in February.
This was announced after a rescheduled FAAC meeting held in Abuja, yesterday, after the initial one held last week ended in a deadlock.
The N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalisation Account. It was announced that the balance in the Excess Crude Account (ECA) was $72.221 million.
The gross statutory revenue for the month of February 2020 was N466.058 billion. This was lower than the N525.253 billion received in January by N59.195 billion.
For the month of February 2020, the gross revenue available from the Value Added Tax (VAT) was N99.552 billion as against N104.758 billion of the previous month, resulting in a decrease of N5.206 billion.
Exchange Gain yielded a total revenue of N0.757 billion, and revenue from Forex Equalisation Account was N15.199 billion.
A communique issued by FAAC indicated that from the total revenue of N581.566 billion, the Federal Government received N236.118 billion, state governments N159.010 billion, and 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 received 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 received N109.008 billion and the local government councils N84.040 billion. Oil producing states received N43.242 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.
From the Value Added Tax (VAT) revenue of N99.552 billion, the Federal Government received N13.888 billion, state governments N46.292billion, 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 N0.757 billion and the Federal Government received N0.350 billion, state governments N0.178 billion,local governments N 0.137 billion and the oil producing states N0.092 billion.
The Forex Equalisation Account revenue was N15.199 billion. The Federal Government received N6.966billion,states N3.533 billion, local councils N2.724billion and oil producing states 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 substantial decreases.
