Written by Godfrey AKON

FG, states, LGAs share N780.926 for March 2020

The Federation Accounts Allocation Committee, FAAC, has disbursed a total of N780.926 billion to the federal, state, local governments and relevant agencies for the month of March 2020.

 

The N780.926 billion comprised Statutory Revenue, Value Added Tax, VAT, and Exchange Gain, a statement from the Office of the Accountant General of the Federation, adding that the balance in the Excess Crude Account, ECA, grew a little to $72.221 million.

According to the statement, the Federal Government received N217.773 billion from the gross statutory revenue of N597.676 billion; State Governments received N110.457 billion while the Local Government Councils received N85.158 billion.

Meanwhile, a total sum of 32.299 billion was given to the relevant states as 13 per cent derivation revenue and N151.989 billion was cost of revenue collection by Revenue Agencies and allocation to the North-East Development Commission, NEDC.

The sum of N16.777 billion was received by the federal government from the Value Added Tax, VAT, revenue of N120.268 billion available in the month of March 2020, while the state governments received N55.925 billion, and the Local Government Councils received N39.147 billion.

The statement further noted that the cost of collecting VAT by Revenue Agencies and allocation to NEDC was N8.419 billion.

It also noted that the Federal Government received N29.780 billion, the State Governments received N15.105 billion, the Local Government Councils received N11.645 billion and the Oil Producing States received N6.452 billion from the total revenue of N62.982 billion available from Exchange Gain.

“The Statement of Accounts indicated that from the total revenue of N780.926 billion, the Federal Government received N264.330 billion.

“The State Governments received N181.487 billion, and the Local Government Councils received N135.950 billion,” the statement said.

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