By Chika Otuchikere
The Federation Accounts Allocation Committee (FAAC) on Wednesday, shared a total of ₦780.926 billion as March 2020 Federation Account Revenue.
The Office of the Accountant General of the Federation (OAGF) disclosed in a statement Abuja that the Federal, States, Local Governments and relevant Agencies in the country shared ₦780.926 billion as at the end of the FAAC meeting.
According to the statement: “The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain.”
It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.
Value Added Tax (VAT) yielded gross revenue of ₦120.268 billion in March 2020 as against ₦99.552 billion in February 2020, resulting in an increase of ₦20.716 billion.
A total of ₦62.928 billion was available from Exchange Gain in the month under review.
Continuing, the Office said: “The State Governments received ₦181.487 billion, and the Local Government Councils received ₦135.950 billion.
“The Oil Producing States received ₦38.751 billion as 13% derivation revenue while the cost of revenue collection by Revenue Agencies and allocation to North-East Development Commission (NEDC) was ₦160.408 billion.”
According to the Statement of Accounts, the Federal Government received ₦217.773 billion from the gross statutory revenue of ₦597.676 billion.
The Federal Government received ₦16.777 billion from the Value Added Tax (VAT) revenue of ₦120.268 billion available in the month of March 2020. The State Governments received ₦55.925 billion, the Local Government Councils received ₦39.147 billion, while the cost of collection by Revenue Agencies and allocation to NEDC was ₦8.419 billion.
The Statement confirmed that the Federal Government received ₦29.780 billion, the State Governments received ₦15.105 billion, the Local Government Councils received ₦11.645 billion and the Oil Producing States received ₦6.452 billion from the total revenue of ₦62.982 billion available from Exchange Gain.
It was also revealed that in the month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases which resulted in the large volume of money shared.
The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing.
The Federation Account Allocation Committee (FAAC) members could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.