FAAC: FG, States, LGs share N616.19bn for April 2019

The Federal Accounts Allocations Committee (FAAC) on Tuesday distributed to the federal, states and local government councils a total sum of N616.198 billion for the month of April, 2019.

The communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) and signed by the Ag. Accountant-General of the Federation, Mr. M. K Usman at the end of the meeting indicated that 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. Value Added Tax (VAT) increased marginally. 

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

The shared amount comprised the Month’s Statutory distributable revenue of N512.609 billion, the gross revenue available from the Value Added Tax (VAT) was N96,485 billion as against N92,181 billion distributed in the preceding month, resulting in an increase of N4, 304  billion. 

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 per cent derivation revenue. 

Furthermore, 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 is N616.198 billion. 

The balance in the Excess Crude Account (ECA) was put at $144million.  

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