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FAAC disbursement down by N174.73bn as revenue dips in April

FAAC disbursement down by N174.73bn as revenue dips in April
May 15
21:13 2020

The federation accounts allocation committee (FAAC) shared N606.196 billion to the three tiers of government for the month of April.

This is down N174 billion from the N780.926 billion disbursed in April from the revenue generated in March and N581.566 billion in March as revenue generated in February.

In a statement on Friday, Hassan Dodo, director of information in the ministry of finance, budget and national planning, the meeting held virtually and was chaired by Mahmoud Isa-Dutse, the permanent secretary in the ministry.

He said the amount shared included value-added tax (VAT), exchange gain, solid mineral revenue, excess bank charges and excess oil revenue.

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He explained that the federal government received N169.831 billion, the states got N86.140 billion while the local government councils had N66.411 billion and the oil-producing states received N32.895 billion as 13 per cent derivation.

The director, however, disclosed that the cost of collection of Federal Inland Revenue Service (FIRS) Refund and Allocation to North East Development Commission and Transfer to excess oil revenue was N15.134 billion.

“The gross revenue available from the VAT for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March, resulting in a decrease of N25.772 billion.

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“The distribution is as follows; the federal government got N13.182 billion, the states received N43.941 billion, local government councils took N30.758 billion.

“The distributed statutory revenue of N370.411billion received for the month was lower than the N597.676 billion received for the previous month by N227.265 billion.”

According to Dodo, petroleum profit tax (PPT), companies income tax (CIT), import duties, and VAT, all recorded decrease.

Featured image: Zainab Ahmed, minister of finance, budget and national planning

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