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    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

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      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

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        Local Government Autonomy Not Negotiable — FG Declares

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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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Local Government Autonomy Not Negotiable — FG DeclaresNigeria’s Future Rests on Smart Defence Management — Badaru to Military LeadersCustoms Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDACTroops Intercept 3 Gunrunners, Seize Weapons, Cash in KadunaTroops Bust IPOB/ESN Logistics Network, Arrest Informants in Southeast — DHQSoludo and Radda’s Candid Confessions on Homegrown Terror By Tahir AhmadRat Story Was a Smokescreen to Divert Attention from Buhari’s Health - Garba Shehu RevealsNigeria's Second Chance at a Global Cashless Future By Fatimah Yusuf UsmanAir Chief Rallies New Intelligence Officers for Proactive Security ResponseCustoms, NAFDAC Activate MoU to Fight Substandard Products By Abdullah MaiwadaNELFUND Resumes Monthly Upkeep Payments, Credits Over 3,600 StudentsNNPCL Must Account for ‘Unreconciled’ N210tr in Financial Statements - Senate InsistsPresidency Debunks Misleading Reports on VP Shettima’s Remarks at Book LaunchPolice Arrest, Repatriate Chinese Fugitive Wanted for Tax FraudMurder of Wedding Guests: Plateau Court Remands 20 Suspects
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