FAAC shares 780.926bn for March 2020 to States
Afnews Editor
Apr 23, 2020
In the next few working days, civil servants will be paid their April 2020 salaries.
READ ALSO: Dangote Laments Over The Difficulty Nigerians Face In Traveling Within Africa | READ FULL
This is because the Federation Accounts Allocation Committee (FAAC) has shared a total of 780.926 billion as March 2020 Federation Account Revenue.
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
The Office of the Accountant General of the Federation (OAGF) disclosed in 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.
READ ALSO: Emotional! Ramos Says Goodbye To Real Madrid
According to the statement: "The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain.ÔÇØ
READ ALSO: You're Delusional For Asking Emefiele To Resign - APC Tells PDP
It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.
The gross statutory revenue for the month of March 2020 was put at 597.676 billion.
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
This was higher than the 466.058 billion received in February 2020 by 131.618 billion.
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.
READ ALSO: EFCC arraigns Saraki for alleged N220m fraud
A total of 62.928 billion was available from Exchange Gain in the month under review.
READ ALSO: UPDATED: Buhari names Adesina, Seriki, Awoniyi, 39 others Ambassadors-nominees | FULL LIST
The OAGF noted: "The Statement of Accounts indicated that from the total revenue of 780.926 billion, the Federal Government received 264.330 billion.
READ ALSO: Bayelsa Govt groan over decline in oil revenue
Continuing, the Office said: "The State Governments received 181.487 billion, and the Local Government Councils received 135.950 billion.
READ ALSO: I Will Not Allow Criminality As President, Peter Obi Declares
"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.
READ ALSO: Dangote Laments Over The Difficulty Nigerians Face In Traveling Within Africa | READ FULL
The State Governments received 110.457 billion and the Local Government Councils received 85.158 billion.
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
The sum of 32.299 billion was given to the relevant States as 13% derivation revenue and 151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.
READ ALSO: Emotional! Ramos Says Goodbye To Real Madrid
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.
READ ALSO: You're Delusional For Asking Emefiele To Resign - APC Tells PDP
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.
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
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.
Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.
READ ALSO: EFCC arraigns Saraki for alleged N220m fraud
Credit
Related Stories
REVEALED: How All Progressives Congress (APC) Played Into The Opposition Hands Ahead Of 2027 - Sumner Sambo Warns
I Will Not Allow Criminality As President, Peter Obi Declares
Why El-Rufai Was Returned To ICPC Custody?
Sowore's Miscalculation and the Need to beat a Wise Retreat
Tinubu Breaks Silence on Hardship, Inflation, Power Crisis - Vows Nigeria Will Overcome Economic Storm
"Terrorists Have Outgunned Our TroopsÔÇØ - Ndume Raises Alarm Over Boko Haram War, Sends Urgent Message To Tinubu
""
— Afnews Editor