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FAAC Allocates N616.88bn To Three Tiers Of Govt

Ebuka Daniel

The Federation Accounts Allocation Committee has shared a total of N616.88bn to the three tiers of government for April this year.

A statement from the Office of Accountant general of the Federation, which did not state when the meeting held, however, quoted a communiqué issued at the end of the virtual meeting that distributable statutory revenue for the month was N429.733bn.

Also, distributable revenue from the Value Added Tax was N164.34bn; excess bank charges recovered was N0.563bn; while N2.250bn came from exchange rate gain.

The sum of N20bn from Non-Oil revenue was added as augmentation, bringing the total distributable revenue to N616.88bn.

In April 2021, the sum of N79.468bn was the total deductions for the cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account was $ 72.413m.

From the total distributable revenue of N616.886bn; the Federal Government received N244.011bn, the State Governments received N193.432bn, and the Local Government Councils received N143.29bn.

The sum of N36.145bn was shared with the relevant States as 13per cent derivation revenue.

From the distributable statutory revenue of N429.733bn; the Federal Government received N207.47bn, the State Governments received N105.235bn and the Local Government Councils received N81.132bn.

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

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

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