FAAC: FG, States, LGAs Share N581.566 Billion In February………As ECA Hits $72.221 Million

The Federal Government, the 36 states of the federation and the FCT, and the 774 Local Government Areas shared N581.566 as March subvention from revenue made in February. The figure, shared by the Federation Accounts Allocation Committee (FAAC) is less than N647.353 that was shared in February.

This was announced after a rescheduled FAAC meeting held in Abuja on Monday after the initial one held last week was deadlocked.

The N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account. It was announced that the balance in the Excess Crude Account (ECA) was $72.221 million.

The gross statutory revenue for the month of February 2020 was N466.058 billion. This was lower than the N525.253 billion received in January 2020 by N59.195 billion.

For the month of February 2020, the gross revenue available from the Value Added Tax (VAT) was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.

Exchange Gain yielded a total revenue of N0.757 billion, and revenue from Forex Equalization Account was N15.199 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N581.566 billion, the Federal Government received N236.118 billion, the State Governments received N159.010 billion, and the Local Government Councils received N119.305 billion. The Oil Producing States received N45.310 billion as 13% derivation revenue and the Revenue Generating Agencies received N21.822 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N466.058 billion, the Federal Government received N214.915 billion, the state governments received N109.008 billion and the local government councils received N84.040 billion. The oil-producing states received N43.242 billion as 13% derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.

From the Value Added Tax (VAT) revenue of N99.552 billion, the Federal Government received N13.888 billion, the State Governments received N46.292 billion, the local government councils received N32.404 billion and the Revenue Generating Agencies received N6.969 billion as cost of revenue collection.

The Exchange Gain revenue was N0.757 billion and the Federal Government received N0.350 billion, the state governments received N0.178 billion, the Local government councils received N 0.137 billion and the oil-producing states received N0.092 billion.

The Forex Equalization Account revenue was N15.199 billion. The Federal Government received N6.966 billion, the state governments received N3.533 billion, the local government councils received N2.724 billion and the oil-producing states received N1.976 billion

The communique confirmed that in the month of February 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 decreases.