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July 8, 2020
Business Nigeria News Nigerian Newspaper

Federal, states, local governments share N617.566 billion for March

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A total of N617.566 billion has been distributed as Federal Allocation for the month of March, 2019 among the Federal Government, State Governments and Local Government Councils.

A communique issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) released at the end of meeting in Abuja on Tuesday indicated that the Gross statutory revenue received is N446.647 billion lower than the N478.434 billion received in the previous month by N31.787 billion.

In the same vein, the revenue generated from the Value Added Tax (VAT) was N92.181billion.

This is a decrease from the N96.389 billion generated from previous month with N4.208 billion.

There was also N653 million from Exchange Gain, N13.085 billion from Forex Equalization; N55.000 billion from Good & Valuable Consideration as well as N10 billion added by NNPC.

These therefore, brought the total revenue distributable for the current month to the sum of N617.566 billion.

Consequently, from the Net Distributable Revenue for the month, Federal Government received N257.758; States received N168.254 billion; Local Government Councils received N126.575 billion, while the Oil Producing States received N49.823 billion representing 13% derivation of Mineral revenue.

The cost of collection, transfer and FIRS Refund came up to N15.156 billion.

Furthermore, the distribution of the Value Added Tax (VAT) realized, is thus: Federal Government received N13.274 billion representing 15%; States received N44.247 billion representing 50% while the Local Government Councils received N30.973 billion also representing 35%.

The communiqué also showed the breakdown of allocation from the statutory revenue generated as: Federal Government N208.394 billion representing 52.68%; States Government N105.700 billion, Local Government Council received N81.490 billion.

The communiqué further explained that Federation Crude oil export sales increased by about 49.18% due to the increase in lifting volume, which resulted in increased Federation Revenue of about $240.23 Million.

Also, the average crude oil price increased from $63.62 to $79.06 per barrel.

However, lifting operations were adversely affected by production Shut-in, Shut-down at various Terminals due to technical issues, leaks and maintenance.

There were also remarkable increase in revenues from Oil Royalty, Import and Excise Duties increased, while Petroleum Profit Tax (PPT) decreased significantly.

The balance on Excess Crude Account is $183 Million.

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