The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion February 2020 Federation Account Revenue to the Federal, States and Local Governments in the country.
The total sum shows a huge decline from N716.30bn disbursed to the three tiers of government in January 2020.
As announced by the Committee on Monday in Abuja, the N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account, as well as Excess Crude Account (ECA) was of $72.221 million.
Also, the gross statutory revenue for the month of February 2020 was N466.058 billion, 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”.
As contained in the communique issued by the Committee, of the total N581.566 billion revenue, the Federal Government received N236.118 billion, the State Governments received N159.010 billion, and the Local Government Councils received N119.305 billion.
While the Oil Producing States received N45.310 billion as 13 percent derivation revenue and the Revenue Generating Agencies received N21.822 billion as cost of revenue collection.
Similarly, 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.
While the Oil Producing States received N43.242 billion as 13 percent 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 N757 million and the Federal Government received N350 million, the State Governments received N178 million, the Local Government Councils received N137 million and the Oil Producing States received N92 million”.
According to the communique, the total Forex equalization account revenue was N15.199 billion, from which 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.
Cynthia Egboboh, Abuja.
