The Federation Account Allocation Committee (FAAC), on Tuesday night, shared the sum of N616.19 billion from the Federation Account to the three tiers of governments as revenue allocation for the month of April.
The amount was confirmed, in a communiqué, issued at the end of the committee’s meeting which was held at the headquarters of the Ministry of Finance.
The communiqué was signed by acting Accountant-General of the Federation, Mohammed Usman.
The communiqué put the gross statutory revenue for the month of April at N518.91 billion, adding that this was N72.26 billion higher than the N446.64 billion received in the previous month of March.
It said revenues from Petroleum Profit Tax, Import Duty and Companies Income Tax recorded significant increases during the period, while Oil Royalty and Export Duty decreased substantially.
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It added that Value Added Tax rose marginally during the period.
The communiqué said the N616.19 billion shared in the month of April is made up of statutory distributable revenue of N512.6 billion and VAT of N96.4 billion.
From the statutory revenue, the Federal Government after deducting the cost of collection to the revenue generating agencies received N253.91 billion representing 52.68 per cent; States: N168.05 billion which is 26.72 per cent; and Local Government Councils: N126.27 billion representing 20.60 per cent.
Similarly, the sum of N46.35 billion was allocated to the oil-producing states based on the 13 per cent derivation principle.
From VAT revenue of N96.4 billion, the Federal Government received N13.89 billion representing 15 per cent; states N46.31 billion which is 50 per cent, while Local Government Councils received N32.41 billion or 35 per cent.