The Federation Accounts Allocation Committee (FAAC), has on Friday, the 15th of May, at its meeting via Virtual Conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the three tiers of government, a total sum of ₦606.196 billion as federal allocation for the month of April 2020.
From this amount, inclusive of VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the Federal Government received ₦169.831 billon, the States received ₦86.140 billion, Local Government councils got ₦66.411 billion, while the oil producing states received ₦32.895 billion as derivation (13% Mineral Revenue).
However, cost of collection/FIRS Refund/ Allocation to North East Development Commission and Transfer to Excess Oil Revenue was ₦15.134 billion.
In a communiqué issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was ₦94.495 billion as against the ₦120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of ₦25.772 billion. The distribution is as follows; Federal Government got ₦13.182 billion, the States received ₦43.941 billion, Local Government Councils got ₦30.758 billon.
The distributed Statutory Revenue of ₦370.411 billion received for the month was lower than the ₦597.676 billion received for the previous month by ₦227.265 billion.
The communiqué also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.
The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N606.196 billion.
