Barbara Bako, Abuja
The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.198bn to the three tiers of government for the month of April 2019. The Committee while announcing said that the balance in the Excess Crude Account was $144million as at 20th May, 2019.
The total distributable revenue of N616.198bn comprised revenue from Value Added Tax (VAT), Exchange Gain and gross statutory revenue. The gross statutory revenue for the month was N518.916bn higher than the N446.647bn received in the previous month by N72.269bn. Revenue from Value Added Tax (VAT) was N96.485bn as against N92.181bn distributed in the previous month, resulting in an increase of N4.304bn. Exchange Gain yielded a total revenue of N0.797bn.
A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N616.198bn, the Federal Government received N253.918bn, the States received N168.056bn, and the Local Government Councils received N126.278bn. The Oil Producing States received N46.353bn as 13% derivation revenue and the Revenue Generating Agencies received N21.593bn as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N518.916bn, the Federal Government received N239.655bn, the States received N121.556bn, the Local Government Councils received N93.715bn, the Oil Producing States received N46.256bn as 13% derivation revenue and the Revenue Collecting Agencies received N17.734bn as cost of collection. From the Value Added Tax (VAT), the Federal Government received N13.894 billion, the States received N46.313 billion, the Local Government Councils received N32.419 billion and the Revenue Generating Agencies received N3.859 billion.
The communique stated that for the month of April 2019, revenues from Petroleum Profit Tax (PPT), Import duty and Companies Income Tax (CIT) recorded significant increases while Oil Royalty and export duty decreased substantially. Revenue from Value Income Tax (VAT) increased marginally.
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