THE Federation Account Allocation Committee (FAAC), at the May meeting in Abuja, shared the sum of N1.208trilllion as revenue for April this year among the federal, states and local governments.
A communiqué issued by the committee said the amount, which is the total distributable revenue, comprised statutory revenue of N284.716billion, Value Added Tax (VAT) revenue of N466.457billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024billion and Exchange Difference revenue of N438.884billion.
The communique said the total revenue of N2.192billion was available in the month of April, adding that the total deduction for cost of collection was N80.517billion, total transfers, interventions and refunds, N903.479billion, while gross statutory revenue of N1.233 billion was received for the month under review, which was higher than the N1.017billion received March by N216.282billion.
It stated that the gross revenue available from VAT in April was N500.920billion, which is lower than the N549.698billion in March by N48.778 billion, adding that from the N1.208trillion total distributable revenue, the Federal Government received N390.412billion, the state governments received N403.403billion and the local governments received N293.816billion.
A total sum of N120.450billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue, while on the N284.716billion distributable statutory revenue, the Federal Government received N112.148billion, state governments received N56.883billion and local governments received N43.855billion.
The statement said N71.830billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue, noting: “The Federal Government received N69.969billion, state governments received N233.229billion and local governments received N163.260billion from the N466.457billion distributable VAT revenue.
“A total sum of N2.704billion was received by the Federal Government from the N18.024billion EMTL, the state governments received N9.012 billion and the local governments received N6.308billion.
“The Federal Government received N205.591billion from the N438.884billion Exchange Difference revenue; state governments received N104.279 billion and the local governments received N80.394billion.
“The sum of N48.620billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.”
The communiqué noted that oil and gas royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly, even as Import Duty and VAT recorded considerable decreases, while the balance in the ECA was $473.754millions.
