By Adedapo Adesanya
Allocation to the Federal Government, States and Local Government Areas (LGAs) dropped 22 percent month-on-month to N606.2 billion in April.
This information was released at the end of the virtual Federation Accounts Allocation Committee (FAAC) meeting held on Thursday in Abuja.
The Ministry of Finance, Budget, and Nation Planning said in a statement that the figure was lower than N780.9 billion shared in March.
The meeting was chaired by the Permanent Secretary of the Ministry, Mr Mahmoud Isa-Dutse.
According to the statement, the amount was inclusive of Value Added Tax (VAT), exchange gain, solid mineral revenue, excess bank charges and excess oil revenue.
The federal government received N169.8 billion, the states received N86.1 billion, local government councils got N66.4 billion, while the nine oil producing states received N32.9 billion as 13 percent derivation from Mineral Revenue.
However, cost of collection/refund for the Federal Inland Revenue Service (FIRS), allocation to North East Development Commission and transfer to excess oil revenue was N15.1 billion.
A communique issued by FAAC at the end of the meeting showed that the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.5 billion as against the N120.3 billion distributed in the preceding month of March, resulting in a decrease of N25.8 billion.
The VAT revenue distribution is as follows; Federal Government got N13.2 billion, the States received N43.9 billion, Local Government Councils got N30.8 billion.
The distributed Statutory Revenue of N370.4 billion received for the month was lower than the N597.7 billion received for the previous month by N227.3 billion.
FAAC also revealed that there were also decreases in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT).
The total revenue distributable for the month under review (including cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) according to the committee amounted to N606.2 billion.
