BY ONYEKA AJUMOBI ONOCHIE
The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.198 billion to the three tiers of government for the month of April, 2019. The Committee announced that as at 20th May, 2019, the balance in the Excess Crude Account was $144million.
The total distributable revenue of N616.198 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and gross statutory revenue.
FAAC said the gross statutory revenue for the month was N518.916 billion and was higher than the N446.647 billion received in the previous month by N72.269 billion. Revenue from Value Added Tax (VAT) was N96.485 billion as against N92.181 billion distributed in the previous month, resulting in an increase of N4.304 billion. Exchange Gain yielded a total revenue of N0.797 billion.
A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N616.198 billion, the Federal Government received N253.918 billion, while the states received N168.056 billion, just as the Local Government Councils received N126.278 billion. The oil producing states received N46.353 billion as 13% derivation revenue, even as the revenue generating agencies received N21.593 billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N518.916 billion, the Federal Government received N239.655 billion, while the states received N121.556 billion, just as the Local Government Councils received N93.715 billion, and the oil producing states received N46.256 billion as 13% derivation revenue and the revenue collecting agencies received N17.734billion as cost of collection.
From the Value Added Tax (VAT), the Federal Government received N13.894 billion, the states – N46.313 billion, the Local Government Councils – N32.419 billion and the revenue generating agencies – 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 Added Tax (VAT) increased marginally.
*Photo: Ahmed Idris, Accountant General of the Federation