By Dayo Omoogun
The Federation Accounts Allocation Committee (FAAC) today at its meeting via Virtual Conferencing, chaired the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning,
Dr. Mahmoud Isa-Dutse, shared to the three tiers of government a sum total of N606.196 billion as federal allocation for April 2020.
This is contained in a press statement made available to Sharpedgenews.com by the Director in charge of Press and Publicity of the Ministry, Mr. Hassan Dodo.
From this amount, inclusive of VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the Federal Government received N169.831 billon, the States received N86.140 billion, Local Government councils got N66.411 billion, while the oil producing states received N32 billion as derivation (13% Mineral Revenue) while cost of collection/FIRS Refund/ Allocation to NEDC and Transfer to Excess Oil amounted to N15.134 billion.
In a communique issued by the Committee at the end of the meeting according to the statement, the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of N25.772 billion.
The distribution is as follows: Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billon.
The distributed Statutory Revenue of N370.41 billion received for the month was lower than the N597.676 billion received for the previous month by N227.265 billion.
The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N606.196 bill.
The statement also stated that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded lower receipts compared to the previous month.