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FAAC Allocates N681.3bn To FG, States, LGs In March

Ebuka Daniel

The Federation Accounts Allocation Committee has shared a total of N681.33bn as March 2021 federation revenue to the federal, states and local governments and relevant agencies across the country.

In the month of March 2021, N154bn was transferred to the non-oil revenue savings and the balance in the Excess Crude Account was $72.413m.

These were contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee for April 2021.

The gross statutory revenue for the month of March 2021 was N466.687bn, Value Added Tax revenue was N181.712bn and exchange gain was N2.931bn.

The sum of N30bn was added as augmentation, bringing the total distributable revenue to N681.33bn.

The communiqué indicated that from the total distributable revenue, the Federal Government received N212.15bn, state governments received N179.24bn, and the Local Government Councils received N132.19bn.

The sum of N40.24bn was shared to the relevant states as 13 per cent derivation revenue, while the cost of revenue collection, transfers and refunds was N87.507bn.

The N30bn augmentation was also shared as appropriate,” the communique stated.

From the gross statutory revenue of N466.69bn available in March 2021, the Federal Government received N185.37bn, state governments received N94.02bn and the Local Government Councils received N72.49bn.

The sum of N40.03bn was given to the relevant states as 13 per cent derivation revenue and N74.79bn was allocated to revenue collection, transfers and refunds.

The Federal Government received N25.35bn from the Value Added Tax revenue of N181.71bn available in March 2021.

The state governments received N84.5bn, Local Government Councils received N59.15bn, while N12.72bn was for cost of collection, transfers and refunds.

The communiqué confirmed that the Federal Government received N1.43bn, state governments received N0.73bn, Local Government Councils received N0.56bn and the oil producing states received N0.21bn from the total revenue of N2.93bn available from exchange gain.

According to the communiqué, in the month of March 2021, Import Duty, Excise Duty, Value Added Tax, Companies Income Tax and Oil and Gas Royalty all recorded increases while Petroleum Profit Tax decreased substantially.

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