FAAC: See breakdown of billions federal, states, local governments shared in March amind coronavirus pandemic

The Federal, State and Local Governments and relevant state agencies shared a total N780.926 billion as revenue from the Federation Account Allocation, FAAC, for the month of March 2020.

 

A statement of accounts issued by FAAC in Abuja on Wednesday, noted that 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 statement of account explained that the gross statutory revenue for the month of March 2020 was N597.676 billion rising above the N466.058 billion received in February 2020 by N131.618 billion.

 

The Value Added Tax (VAT) for March yielded a gross revenue of N120.268 billion 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.

 

It also showed that from the total revenue of N780.926 billion, the Local Government Councils received N135.950 billion, State governments received N181.487 billion while the Federal Government received N264.330 billion.

 

Furthermore, the 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 also 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.

 

FG further got 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.