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  • Anti-Corruption
    • Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

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    • NUPENG

      NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

      Customs, Defence Bureau Unveil Airboat for Smuggling War

      Customs Begins Live Operations of Automated Excise Register System

      Still on the “National Single Window” Project By Abdulsalam Mahmud

      Minister of Finance Wale Edun and the Comptroller General of Customs Bashir Adeniyi decorating OP Olaniyan

      Customs Generates N3.7trn in H1 2025 as FG Targets Enhanced Private…

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    • Officers of NSCDC Mining Marshals

      Mining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri…

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Ahmed Balarabe Sa'id

      Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

      The Minister of Education, Dr. Tunji Alausa

      FG to Schools: Get Certified Teachers or Lose WAEC Accreditation

      Troops Eliminate Terrorist, Rescue Kidnap Victims in Sokoto, Katsina, Kaduna

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      • Governor Kabir Abba Yusuf and the conjoined twins

        Kano Separated Conjoined Twins Return Home After Successful Surgery in S/Arabia

        Governor Abba Kabir Yusuf, Kano State

        Kano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children…

        Ahmed Balarabe Sa'id

        Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

        The Minister of Education, Dr. Tunji Alausa

        FG to Schools: Get Certified Teachers or Lose WAEC Accreditation

        ECOBANK

        ECOWAS debt: Court Remands Ecobank Legal Head over Perjury, defamation of…

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    • Military Troops in Action

      Military Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, Zamfara

      court Judiciary

      Court Okays DSS Request to Accelerate Trial of Al-Barnawi, 4 Other…

      Inspector-General of Police Kayode Adeolu Egbetokun

      Police Chief Tasks Border Patrol Commanders on Enhanced Security

      Air Marshal Hasan Abubakar NAF Chief

      Air Chief Links Fiscal Discipline to Nigeria’s National Security, Operational Readiness

      Army Arrest Notorious Cattle Rustlers, Recover Arms in Plateau

  • Features
    • Officers of NSCDC Mining Marshals

      Mining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri…

      Omoyele Sowore, Bayo Ononuga and Adeola Ajayi

      Sowore’s Provocation, Onanuga’s Plea and the DSS Overreach

      Ahmed Balarabe Sa'id

      Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

      Traffic officials tolling the vehicle at the scene in Abuja

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      Military Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, Zamfara

      Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      Governor Kabir Abba Yusuf and the conjoined twins

      Kano Separated Conjoined Twins Return Home After Successful Surgery in S/Arabia

      court Judiciary

      Court Okays DSS Request to Accelerate Trial of Al-Barnawi, 4 Other…

      Governor Abba Kabir Yusuf, Kano State

      Kano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children…

  • Event
    • Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

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      Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

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Home Government FAAC shares N661.427b March Revenue to FG, States, LGs
  • Government

FAAC shares N661.427b March Revenue to FG, States, LGs

By
Henshaw Ogubike
-
April 24, 2020
FAAC shares N661.427b March Revenue to FG, States, LGs
The Revenue for the month is N780.927 billion which represents a 34.3% increase over
the previous months figure of N581.566. In view of the current challenges facing the Federation,
and highly uncertain revenue profile in the immediate future, FAAC agreed to distribute N661.427
billion only and save N119.550 billion in the Excess Oil Revenue Account.
This was contained in a Statement of Accounts issued by the Federation Account
Allocation Committee (FAAC) in Abuja.
The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT)
Exchange Gain and Savings into Excess Oil Revenue Account.
The balance in the Excess Crude Account (ECA) was $ 72.221 million.
The gross statutory revenue for the month of March 2020 was N597.676 billion.
This was higher than the N466.058 billion received in February 2020 by N131.618 billion.
The Value Added Tax (VAT) yielded gross revenue of N120.268 billion in March 2020
as against N99.552 billion in February 2020, resulting in an increase of N20.716 billion.
A total of N62.928 billion was available from Exchange Gain in the month under review.
According to the Statement of Accounts, the Federal Government received N217.773 billion
 from the gross statutory revenue of N597.676 billion. The State Governments received
 N110.457 billion and the Local Government Councils received N85.158 billion.
The sum of N32.299 billion was given to the relevant States as 13% derivation revenue
and N32.489 billion was cost of revenue collection by Revenue Agencies
and allocation to Police Trust Fund.
The Federal Government received N16.777 billion from the Value Added Tax (VAT) revenue
 of N120.268 billion available in the month of March 2020. The State Governments
received N55.925 billion, the Local Government Councils received N39.147 billion,
while the cost of collection by Revenue Agencies and allocation to North East Development
Commission (NEDC) was N8.419 billion.
The Statement of Accounts confirmed that the Federal Government received N29.780 billion,
the State Governments received N15.105 billion, the Local Government Councils received
N11.645 billion and the Oil Producing States received N6.452 billion from the total revenue of
N62.982 billion available from Exchange Gain.
The Statement revealed that in the month of March 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 increases.
The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020,
 where the sharing of the March 2020 revenues was discussed, was held through virtual
conferencing. Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.
Henshaw Ogubike
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  • Court Okays DSS Request to Accelerate Trial of Al-Barnawi, 4 Other Terrorists
  • Kano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children Crisis
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Military Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, ZamfaraUNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of CommunicationKano Separated Conjoined Twins Return Home After Successful Surgery in S/ArabiaCourt Okays DSS Request to Accelerate Trial of Al-Barnawi, 4 Other TerroristsKano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children CrisisPolice Chief Tasks Border Patrol Commanders on Enhanced SecurityAir Chief Links Fiscal Discipline to Nigeria’s National Security, Operational ReadinessArmy Arrest Notorious Cattle Rustlers, Recover Arms in PlateauTroops Repel Bandits’ Attacks in Kaduna, Katsina, Recover Rustled CattleMining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri Idakwo LarubaNIPR Inducts 422 New Members, Urges Commitment to National UnitySowore’s Provocation, Onanuga’s Plea and the DSS OverreachNigerian Troops Intercept Ransom Money, Recover 160 Rustled CattlePolice Nab 'Obi of Lagos,' Foil ₦1.5 Billion New Palace FraudRenewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id
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