Nigeria shares N606.196bn to MDAs, states, local councils for April

Isola Moses | ConsumerConnect

Nigeria’s Federation Accounts Allocation Committee (FAAC) has shared a sum of N606.196 billion to the three tiers of the government, including the Federal Ministries, Departments and Agencies (MDAs), 36 states and 774 local government councils, as federal allocations for April 2020.

ConsumerConnect gathered that Dr. Mahmoud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, in a communiqué, following a FAAC virtual conference he chaired Friday, May 15, 2020, disclosed this in Abuja, FCT.

Report says inclusive of Value Added Tax (VAT), Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue of the lump sum, the Federal Government received N169.831 billon, the states received N86.140 billion, local government councils got N66.411 billion, whereas the oil-producing states received N32.895 billion as derivation (13% Mineral Revenue).

The cost of collection/FIRS Refund/ Allocation to North-East Development Commission and Transfer to Excess Oil Revenue also was N15.134 billion.

The statement further indicated that the Gross Revenue available from VAT for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of N25.772 billion.

As regards the distribution, the Federal Government received N13.182 billion, the States received N43.941 billion, and Local Government Councils got N30.758 billon.

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.

The Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT) all recorded decreases, according to the communiqué.

The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N606.196 billion, noted the statement.

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