FG, States, LGAs share N616.886 bn in April

The three tiers of government, the 36 States, the Federal Capital Territory (FCT), revenue generating agencies and other statutory beneficiaries of the monthly federation revenue shared N616.886 billion as April subvention.

This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2021 held on Friday.

According to the document, the distributable statutory revenue for April 2021 was N429.733 billion; while distributable revenue from the Value Added Tax (VAT) was N164.340 billion; excess bank charges recovered was N0.563 billion; Exchange Gain was N2.250 billion. N20 billion from non-oil revenue was added as augmentation, bringing the total distributable revenue to N616.886 billion.

In April 2021, N79.468 billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $ 72.413 million.

The communiqué indicated that from the total distributable revenue of N616.886 billion; the Federal Government received N244.011billion, the State Governments received N193.432 billion, and the Local Government Councils received N143.298 billion. N36.145 billion was shared to the relevant States as 13% derivation revenue.

From the distributable statutory revenue of N429.733 billion; the Federal Government received N207.477 billion, the State Governments received N105.235 billion and the Local Government Councils received N81.132 billion. The sum of N35.890 billion was given to the relevant States as derivation revenue.

The Federal Government received N24.651 billion from the distributable Value Added Tax (VAT) revenue of N164.340 billion. The State Governments received N82.171billion, the Local Government Councils received N57.519 billion.

From the Exchange Gain revenue of N2.250 billion, the Federal Government received N1.051 billion, the State Governments received N0.533 billion, the Local Government Councils received N0.411 billion and N0.255 billion was given to the relevant States as 13% derivation revenue.

The communiqué confirmed that the Federal Government received N0.296 billion, the State Governments received N0.150 billion, and the Local Government Councils received N0.116 billion available from Excess Bank Charges.

The Federal Government received N10.536 billion, the State Government received N5.344 billion and the Local Government Councils received N4.120 billion from the N20 billion augmentation from Non-Oil revenue.

According to the Communiqué, in April 2021, Petroleum Profit Tax (PPT) and Excise Duty recorded considerable increases while collections for Companies Income Tax (CIT) and Oil and Gas Royalties decreased significantly. Also, Value Added Tax (VAT) and Import Duty took a marginal downturn.