FAAC shares ₦581.566bn in February
by Alao Abiodun 1 hour ago

By Nduka Chiejina (Assistant Editor)
The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion February 2020 Federation Account Revenue to the Federal, States and Local Governments.

The money was shared after a rescheduled meeting of the Federation Account Allocation Committee (FAAC) in Abuja.

The meeting lasted just two hours.

The ₦581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account.

It was announced that the balance in the Excess Crude Account (ECA) now stands at $72.221 million.

The gross statutory revenue for the month of February 2020 was ₦466.058 billion.

This was lower than the ₦525.253 billion received in January 2020 by ₦59.195 billion.

Read Also: FAAC shared N8.15tr to Fed Govt, states, LGA in 2019
For the month of February 2020, the gross revenue available from the Value Added Tax (VAT) was ₦99.552 billion as against ₦104.758 billion in the previous month, resulting in a decrease of ₦5.206 billion.

Exchange Gain yielded a total revenue of ₦0.757 billion, and revenue from Forex Equalization Account was ₦15.199 billion.

A communique by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of ₦581.566 billion, the Federal Government received ₦236.118 billion, the State Governments received ₦159.010 billion, and the Local Government Councils received ₦119.305 billion.

The Oil Producing States received ₦45.310 billion as 13% derivation revenue and the Revenue Generating Agencies received ₦21.822 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of ₦466.058 billion, the Federal Government received ₦214.915 billion, the State Governments received ₦109.008 billion and the Local Government Councils received ₦84.040 billion. The Oil Producing States received ₦43.242 billion as 13% derivation revenue and the Revenue Generating Agencies received ₦14.853 billion as cost of collection.

From the Value Added Tax (VAT) revenue of ₦99.552 billion, the Federal Government received ₦13.888 billion, the State Governments received ₦46.292 billion, the Local Government Councils received ₦32.404 billion and the Revenue Generating Agencies received ₦6.969 billion as cost of revenue collection.

The Exchange Gain revenue was ₦0.757 billion and the Federal Government received ₦0.350 billion, the State Governments received ₦0.178 billion, the Local Government Councils received ₦0.137 billion and the Oil Producing States received ₦0.092 billion.

The Forex Equalization Account revenue was ₦15.199 billion. The Federal Government received ₦6.966 billion, the State Governments received ₦3.533 billion, the Local Government Councils received ₦2.724 billion and the Oil Producing States received ₦1.976 billion

The communique confirmed that in the month of February 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial decreases.

source:- The Nation