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FG, states, councils share N616.198bn revenue for April

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Thefederal, states and local governments on Tuesday shared N616.198 billion as the statutory allocation from the Federation Account for last month.

Acting Accountant-General of the Federation and Director of Funds in the Treasury Office, Mohammed K Usman, briefed reporters after the monthly, Federation Account Allocation Committee (FAAC) meeting in Abuja on Tuesday.

Usman said: “The gross statutory revenue of N518.916 billion received for the month is higher than the N446. 647 billion received in the previous month by N72.269 billion.

Rrevenues from Petroleum Profit Tax (PPT), import duty and Companies Income Tax (CIT) recorded significant increases while oil royalty and export duty decreased substantially while Value Added Tax (VAT) increased marginally. The gross revenue available from VAT N96,485 billion as against N92, 181 billion distributed in the preceding month, resulting in an increase of N4,304  billion.”

The total revenue distributable for the month under review (including VAT and Exchange Gain) was N616.198 billion.

The shared amount comprised the month’s statutory distributable revenue of N512.609 billion and N96.485 billion from VAT.

Accordingly, from net statutory revenue, the Federal Government got N253.918 billion (representing 52.68 per cent); states received N168.056 billion (26.72 per cent) and local government areas received N126.278 billion (representing 20.60 per cent). The oil producing states received N46.353 billion as 13 per cent derivation.

From the available VAT revenue, the Federal Government received N13.894 billion (15 per cent); States received N46.313 billion (50 per cent) ant the 774 council areas received N32.419 billion (35 per cent).

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