FG, States, LGAs shared N3.815trn in 180 days | Dailytrust

FG, States, LGAs shared N3.815trn in 180 days

Federation Accounts Allocation Committee

The Federal, States and Local Governments have shared about N3.815trn from revenue accruals to the Federation Account from January to June this year. 

Statistical data published by the Federation Account Allocation Committee (FAAC) on the disbursements to the three tiers of government in the period under review showed that they shared N647.35bn in January, N581.57bn in February, N780.93bn in March, N606.20bn in April, N547.31bn in May and N651.18bn in June.

A breakdown of the N651.18bn shared in June 2020, based on the communiqué released by the FAAC at the end of its last Friday meeting, showed that although the total revenue for the month was N696.184bn, the committee shared N651.184bn to the three tiers of government and relevant agencies.

The FAAC monthly meeting for July 2020 was held through virtual conferencing on Friday chaired by the Accountant General of the Federation, Ahmed Idris.

The communique issued at the end of the meeting indicated that the gross statutory revenue available in June 2020 was N524.526bn; the gross revenue from the Value Added Tax (VAT) was N128.826bn and the revenue from the Exchange Gain was N42.832bn.

It reflected that the balance in the Excess Crude Account (ECA) as at 16th July, 2020 was $72.407m.

The communiqué indicated that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.

The Oil Producing States received N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue / Relevant Agencies as follows, Cost of collection N24.047bn, transfer to NEDC, N3.865bn, PTF N3.897bn, and Transfer to Excess non-oil account N45bn.

The Federal Government received N227.584bn from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils received N88.995 billion. The sum of N24.722bn was given to the relevant States as 13% derivation revenue.