Minister of Finance, Zainab Ahmed
The Federation Accounts Allocation Committee has shared a total of N606.196bn for April revenue to the federal, states and local governments.
The development was announced in a communique released after a virtual FAAC meeting on Friday.
The N606.196bn comprised Value Added Tax, exchange gain, solid mineral revenue, excess bank charges and excess oil revenue.
NEWS FLAKES NG gathers that out of the amount, the Federal Government received N169.831bn; the states got N86.140bn; while the local governments collected N66.411bn.
The oil producing states received N32.895bn as 13 per cent derivation from mineral revenue.
The communique added that the cost of collection/Federal Inland Revenue Service refund/allocation to North-East Development Commission and transfer to excess oil revenue was N15.134bn.
The communique indicated that the gross revenue available from VAT for April 2020 was N94.495bn as against the N120.268bn distributed in March 2020, amounting to a decrease of N25.772bn.
From the VAT revenue, the Federal Government got N13.182bn; the states received N43.941bn; while the local governments got N30.758bn.
The distributed statutory revenue of N370.411bn received for April was lower than the N597.676bn received for the previous month by N227.265bn.
Revenue from Petroleum Profit Tax, Companies Income Tax, import and export duties, oil sales and VAT all declined during the month, according to details of the communique.
The virtual FAAC meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr Mahmoud Isa-Dutse.
Nigeria has been hit hard by the decline in the price of crude oil as a result of the COVID-19 pandemic and the three tiers of government are recording losses in projected revenue.
Details from the presentation by the Minister of Finance, Zainab Ahmed, at a recent citizens dialogue organised by the Ministry of Finance, Budget and National Planning in conjunction with the United Kingdom’s Department for International Development revealed that while the states were expecting to share N3.3tn from the Federation Account during the year, they would not be able to get more than N2.1tn.
Also, the Federal Government’s share from the Federation Account, which was initially projected to be N4.8tn, will decline to N2.4tn.
The share of the LGs, expected to be N2.5tn at the beginning of the year, will decrease to N1.5tn.
Also, while N8.6tn was projected as the total inflow into the Federation Account in 2020, it is now expected that only N3.3tn will accrue to the account. (Punch)
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