News
FG, States, LGAs Share N581.566bn In Feb

The Federal Government, the 36 states of the federation and the FCT, and the 774 local government areas shared N581.566billion as March subvention from revenue made in February. The figure, shared by the Federation Accounts Allocation Committee (FAAC) is less than N647.353billion that was shared in February.
This was announced after a rescheduled FAAC meeting held in Abuja, yesterday, after the initial one held last week was deadlocked.
The N581.566billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account. It was announced that the balance in the Excess Crude Account (ECA) was $72.221million.
The gross statutory revenue for the month of February, 2020 was N466.058billion.
This was lower than the N525.253billion received in January, 2020 by N59.195billion.
For the month of February, 2020, the gross revenue available from the Value Added Tax (VAT) was N99.552billion as against N104.758billion in the previous month, resulting in a decrease of N5.206billion.
Exchange Gain yielded a total revenue of N0.757billion, and revenue from Forex Equalization Account was N15.199billion.
A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N581.566billion, the Federal Government received N236.118billion, the state governments received N159.010billion, and the local government councils received N119.305billion.
The Oil Producing States received N45.310billion as 13% derivation revenue and the Revenue Generating Agencies received N21.822billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N466.058billion, the Federal Government received N214.915billion, the state governments received N109.008billion and the local government councils received N84.040billion.
The oil-producing states received N43.242billion as 13% derivation revenue and the Revenue Generating Agencies received N14.853billion as cost of collection.
From the Value Added Tax (VAT) revenue of N99.552billion, the Federal Government received N13.888billion, the state governments received N46.292billion, the local government councils received N32.404billion and the Revenue Generating Agencies received N6.969billion as cost of revenue collection.The Exchange Gain revenue was N0.757billion and the Federal Government received N0.350billion, the state governments received N0.178billion, the local government councils received N 0.137billion and the oil-producing states received N0.092billion.
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