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FAAC: FG, States, LGAs Share N616.198bn In April

N616.198 billion was shared among federal, state and local governments from the federation account for the month of April, 2019.

Addressing journalists at the end of the monthly, Federation Account Allocation Committee (FAAC) meeting in Abuja on Tuesday, the Acting Accountant General of the Federation and Director Funds in the Treasury Mohammed Usman, said: “The gross statutory revenue of N518.916 billion received for the month is higher than the N446.647 billion received in the previous month by N72.269 billion.”

“Revenues from Petroleum Profit Tax (PPT), Import duty and Companies Income Tax (CIT) recorded significant increases while Oil Royalty and Export duty decreased substantially while Value Added Tax (VAT) increased marginally.

“The gross revenue available from the Value Added Tax (VAT) N96, 485 billion as against N92, 181 billion distributed in the preceding month, resulting in an increase of N4, 304 billion.”

The total revenue distributable for the current month (including VAT and Exchange Gain) was N616.198 billion.

The shared amount comprised of the Month’s Statutory distributable revenue of N512.609 billion and N96.485 billion from VAT.

Accordingly, from Net Statutory revenue, Federal Government received N253.918 billion representing (52.68%); States received N168.056 billion (26.72%); Local Government Councils received N126.278 billion representing (20.60%) while the Oil Producing States received N46.353 billion as 13% derivation revenue.

From the revenue available from the Value Added Tax (VAT), Federal Government received N13.894 billion (15%); States received N46.313 billion (50%) while the Local Government Councils received N32.419 billion (35%).

Consequently, the total revenue distributable for the Month of April including VAT was N616.198 billion.

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