Nigeria’s three tiers of government and relevant state agencies shared a total N780.926 billion as March 2020 revenue from the Federation Account Allocation Committee (FAAC).
This was contained in a statement of accounts issued by FAAC in Abuja yesterday.
The N780.926 billion comprised statutory revenue, Value Added Tax (VAT), and exchange gains. This was as the balance in the Excess Crude Account (ECA) closed at $72.221 million.
The gross statutory revenue for the month of March 2020 was N597.676 billion which was higher than the N466.058 billion received in February 2020 by N131.618 billion.
The Value Added Tax (VAT) yielded a 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.
The statement of accounts also indicated that from the total revenue of N780.926 billion, the Federal Government received N264.330 billion, State governments received N181.487 billion, and the Local Government Councils got N135.950 billion. On the other hand, oil producing states received N38.751 billion as 13 per cent derivation revenue, while the cost of revenue collection by revenue agencies and allocation to the North East Development Commission (NEDC) was N160.408 billion.
The statement further revealed that the Federal Government received N217.773 billion from the gross statutory revenue of N597.676 billion, while State governments got N110.457 billion with the Local Government Councils getting N85.158 billion. The sum of N32.299 billion was given to the relevant States as 13 per cent derivation revenue and N151.989 billion was the cost of revenue collection by revenue agencies and allocation to NEDC.
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 NEDC was N8.419 billion.
Furthermore, 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 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.