FAAC: FG, States, LGs Share N656bn For April

The Federation Account Allocation Committee (FAAC) has shared N655.932 billion to the Federal Government, States and Local Government Councils (LGCs) for the month of April.

The federal government received N248.809 billion, state governments got N218.307 billion, while the LGs received N160.600 billion.

Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant of the Federation (OAGF) issued a communiqué on Thursday at the end of a FAAC meeting.

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The statement said the distributable revenue comprised statutory revenue of N364.654 billion and contained Value Added Tax (VAT) revenue of N202.762 billion.

Others are Electronic Money Transfer Levy (EMTL) of N14.516 billion, N50.000 billion augmentation from Forex Equalization revenue and N24.000 billion augmentation from the non-mineral revenue.

In April, the total deductions for cost of collection was N28.108 billion, and total deductions for transfers and refunds was N120.287 billion.

The sum of N21.716 billion was shared to the relevant states as 13 per cent derivation revenue, while the gross revenue available from VAT was N217.743 billion.

The FG got N30.414 billion, States received N101.381 billion, and the LGCs got N70.967 billion from the N202.762 billion distributable VAT revenue.

Furthermore, out of the N24 billion non-mineral revenue, the FG received N12.643 billion, States got N6.413 billion, and the LGCs received N4.944 billion.

In April, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties, and VAT all decreased considerably.

In February, N722.677 billion was shared by the three tiers of government, while a total of N714.629 billion was distributed in March.

However, the allocation committee put the balance in the nation’s Excess Crude Account (ECA) at $473.754 million.