A complete of N780.926 billion has been shared between the Federal, States and Native Governments for March 2020 by the Federation Accounts Allocation Committee (FAAC).
This was disclosed in a press release by the Director, Data, Press and Public Relations, Henshaw Ogubike, after a digital FAAC assembly with the 36 state commissioners of finance, income producing companies and officers of the federal ministry of finance.
From the shared sum comprising statutory Income, Worth Added Tax (VAT), and Alternate Acquire, “the Federal Government received N264.330 billion, the State Governments received N181.487 billion, and the Local Government Councils received N135.950 billion.”
“The Oil Producing States received N38.751 billion as 13% derivation revenue, while the cost of revenue collection by Revenue Agencies and allocation to NEDC was N160.408 billion.”
The assertion added that gross statutory income for the month of March 2020 was N597.676 billion, larger than the N466.058 billion acquired in February and January 2020 by N131.618 billion.
Based on the Assertion, the Federal Authorities acquired N217.773 billion from the gross statutory income of N597.676 billion; the State Governments acquired N110.457 billion and the Native Authorities Councils acquired N85.158 billion. “The sum of N32.299 billion was given to the related States as 13% derivation income and N151.989 billion was value of income assortment by Income Businesses and allocation to NEDC.
“The Federal Authorities acquired N16.777 billion from the Worth Added Tax (VAT) income of N120.268 billion obtainable within the month of March 2020. The State Governments acquired N55.925 billion, the Native Authorities Councils acquired N39.147 billion, whereas the price of assortment by Income Businesses and allocation to NEDC was N8.419 billion.”
In the meantime the Federal Authorities additionally acquired N29.780 billion, the State Governments acquired N15.105 billion, the Native Authorities Councils acquired N11.645 billion and the Oil Producing States acquired N6.452 billion from the whole income of N62.982 billion obtainable from Alternate Acquire.
“The month of March 2020, Petroleum Revenue Tax (PPT), Corporations Revenue Tax(CIT), Import and Excise Duties, Oil and Gasoline Royalties and Worth Added Tax (VAT) all recorded substantial will increase.