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FG, states, LGs share ₦1.208trn FAAC revenue for April

It said that the sum of ₦71.830 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

FG, states, LGs share ₦1.208trn FAAC revenue for April

The revenue was shared on Thursday at the May meeting of FAAC in Abuja.

A communiqué issued by the committee said that the ₦1.208 trillion total distributable revenue comprised statutory revenue of ₦284.716 billion, and Value Added Tax (VAT) revenue of ₦466.457 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of ₦18.024 billion, and Exchange Difference revenue of ₦438.884 billion.

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The communique said the total revenue of ₦2.192 billion was available in April.

“Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is 903.479 billion.

The communique said the Gross statutory revenue of 1.233 billion was received for the month under review. This was higher than the sum of 1.017 billion received in March by 216.282 billion,” it said.

It said that the gross revenue available from VAT in April was ₦500.920 billion, which is lower than the ₦549.698 billion available in March by ₦48.778 billion.

The communiqué said that from the ₦1.208 trillion total distributable revenue, the Federal Government received ₦390.412 billion, the state governments received ₦403.403 billion and the LGCs received ₦293.816 billion.

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“A total sum of 120.450 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It said that on the ₦284.716 billion distributable statutory revenue, the Federal Government received ₦112.148 billion, the state governments received ₦56.883 billion and the LGCs received ₦43.855 billion.

It said that the sum of ₦71.830 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“The Federal Government received 69.969 billion, the state governments received 233.229 billion and the LGCs received 163.260 billion from the N466.457 billion distributable VAT revenue.

“A total sum of 2.704 billion was received by the Federal Government from the 18.024 billion EMTL, the state governments received N9.012 billion and the LGCs received 6.308 billion.

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“The Federal Government received 205.591 billion from the 438.884 billion Exchange Difference revenue; the state governments received 104.279 billion, and the LGCs received 80.394 billion.

“The sum of 48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly.

It, however, said that Import Duty and VAT recorded considerable decreases.

“The balance in the ECA was 473.754 million dollars."

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