By Olivia Isibor, For Agenda Watchdog, May 16, 2020
(AGENDAWATCHDOG) – Nigeria’s 3 tiers of government – Federal, State and Local Governments – shared a total sum of N606.196 billion as allocations from the Federation Account for April 2020.
This was disclosed on Friday, May 15, 2020, by the Federation Accounts Allocation Committee (FAAC) at its meeting through Virtual Conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse,
While the Federal Government received N169.831 billon, from this amount, which includes VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the States received N86.140 billion, Local Government councils got N66.411 billion, while the oil producing states received N32.895 billion as derivation (13% Mineral Revenue).
The cost of collection/FIRS Refund/ Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.
Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of N25.772 billion. The breakdown is as follows; Federal Government N13.182 billion, States N43.941 billion, Local Governments N30.758 billon.
While the distributed Statutory Revenue of N370.411billion received for the month was lower, compared to the N597.676 billion received for the previous month by N227.265 billion, it was also noticed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), were low.