WED, JUN 03 2020-theG&BJournal- The three-tiers of government received N199.36 billion more from the Federation Account Allocation Committee (FAAC) in April 2020 than they did in March 2020, amid worries of the impact of the coronavirus pandemic on the national economy.
A total of N780.93bn was disbursed compared to the N581.57 shared in March 2020.
Notably, N119.50bn of the amount disbursed was drawn from the Excess Oil Revenue, a further depletion of the account to augment government’s revenue shortfalls. In March, N15.20 billon drawn from the FOREX Equalization Account covered for the shortfall.
According to the National Bureau of Statistics data published Tuesday, N478.18bn was disbursed from the Statutory Account, N120.27bn from Valued Added Tax (VAT) and N62.98bn from Exchange Gain Differences.
Federal Government received a total of N264.33bn from the N780.93bn, States received a total of N181.49bn and Local Governments received N135.95bn. The sum of N54.29bn was shared among the oil producing states as 13% derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.09bn, N10.20bn and N5.74bn respectively as cost of revenue collections.
The sum of N202.94bn was disbursed to the FGN consolidated revenue account; N4.70bn shared as share of derivation and ecology; N2.35bn as stabilization fund; N7.89bn for the development of natural resources; and N5.78bn to the Federal Capital Territory (FCT) Abuja.
Allocation to the top four states (Delta, Akwa Ibom, Rivers and Bayelsa) entitled to the 13% derivation, also increased significantly.
Akwa Ibom received N13,994,511,546.71 compared to N12,171,596,853.77 in March), Bayelsa N11,739,995,767.20 (compared to N10,841,303,801.96 in March), Delta N17,728,431,777.75 (compared to 16,589, 215,110.14 in March) and Rivers N11,591,237,360.71 (compared to 11,040,218,526.80 IN March).
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