BUSINESS AND ECONOMY

FG, states, LGCs share N616.886b for April

The Federation Accounts Allocation Committee (FAAC), at its meeting through Virtual Conference shared a total sum of N616.886 billion to the three tiers of government, as federation allocation for the month of April, 2021.

From this stated amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N244.011billion, the States received N193.432 billion, the Local Government councils got N143.298 billion while the oil producing states received N36.145 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N79.468 billion.

The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for April, 2021 was N176.710 billion as against N181.712 billion distributed in the preceding month of March, 2021, resulting in an decrease of N5.002 billion.

The distribution is as follows; Federal Government got N24.651billion, the States received N82.171 billion, Local Government Councils got N57.519 billion, while Cost of Collection – FIRS and NCS got N7.068 billion and Allocation to NEDC project received N5.301 billion.

The distributed Statutory Revenue of N429.733 billion received for this month was lower than the N650.687 billion received for the previous month by N153.292 billion, from which the Federal government was allocated the sum of N207.477 billion, States got N105.235 billion, LGCs got N81.132 billion, Derivation (13% Mineral Revenue) got N35.890 billion and Cost of Collection/ Transfer and Refund got N67.099 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT) and Excise Duties recorded some considerable increases while collections for Companies Income Tax (CIT) and Oil and Gas Royalty decreased significantly. Also Value Added Tax (VAT) and Import Duty took a marginal downturn.

It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N429.733 billion, Value Added Tax (VAX) of N176.710 billion, Excess bank Charges Recovered of N0.563, Exchange Gain of N2.250 billion and an augmentation from Non Oil of N20 billion.

The balance in the Excess Crude Account as at 30th April, 2021 stands at $72.4 million.

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