FAAC SHARES N725.6B AMONG FG, STATES AND COUNCILS

FAAC shares N725.6B among FG, states, councils

Minister of Finance, Zainab Ahmed

Federation Accounts Allocation Committee (FAAC), has shared N725.6 billion to the three tiers of government, as allocation for March.

Mr Phil Abiawute-Mowete, Director, Information/Press, Federal Ministry of Finance, Budget, and National Planning, disclosed this in Abuja on Wednesday.

The Federal Government received N277. 104 billion.

The states received N227.201 billion, the local government councils N167.910 billion, while the oil producing states received N53.356 billion as derivation.

The director said that the communiqué issued by the FAAC at the end of the virtual meeting, indicated that the Gross Revenue available from the VAT for March was N204.402 billion.

“The distribution is as follows: Federal Government got N30.660 billion, the states received N102.201 billion, LGCs got N71.541 billion.

“Gross Statutory Revenue of N521.169 billion was distributed according to the communique, from which the Federal Government was allocated the sum of N246.444 billion.

“States got N125.000 billion, LGCs got N96.369 billion, Derivation (13 per cent Mineral Revenue) got N53.356 billion.”

It, however, said that add backs of VAT for the month for cost of collection is N8.780 billion, while that of Transfers/Refunds/Savings was N6.322 billion.

It said the add backs of Statutory Revenue distributed to Cost of Collection is N35.631 billon and to Transfers/Refunds/Savings was N376.504 billion.

Alawite-Mowete said that the communiqué also revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded tremendous increases.

It further said that total revenue distributable for the current month was drawn from Statutory Revenue of N521,169 billion and VAT of N204,402 billion, bringing the total distributable for the month to N725,571 billion.

The communiqué said that the balance in the Excess Crude Account as at April 27, stood at 35.372 million dollars.

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