The Federation Account Allocation Committee, FAAC, has admitted error, saying N661.4 billion was shared among the three tiers of government for March, 2020 and not N780.9 billion earlier announced.
“Revenue for the month is N780.927 billion which represents a 34.3% increase over the previous months figure of N581.566. In view of the current challenges facing the Federation, and highly uncertain revenue profile in the immediate future, FAAC agreed to distribute N661.427 billion only and save N119.550 billion in the Excess Oil Revenue Account.
This was contained in a Statement of Accounts issued by the Federation Account Allocation Committee (FAAC) in Abuja. The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT) Exchange Gain and Savings into Excess Oil Revenue Account.
The balance in the Excess Crude Account (ECA) was $ 72.221 million. The gross statutory revenue for the month of March 2020 was N597.676 billion.
This was higher than the N466.058 billion received in February 2020 by N131.618 billion. The Value Added Tax (VAT) yielded gross revenue of N120.268 billion in March 2020 as against N99.552 billion in February 2020, resulting in an increase of N20.716 billion.
A total of N62.928 billion was available from Exchange Gain in the month under review.
According to the Statement of Accounts, the Federal Government received N217.773 billion from the gross statutory revenue of N597.676 billion. The State Governments received N110.457 billion and the Local Government Councils received N85.158 billion.
The sum of N32.299 billion was given to the relevant States as 13% derivation revenue and N32.489 billion was cost of revenue collection by Revenue Agencies and allocation to Police Trust Fund.
The Federal Government received N16.777 billion from the Value Added Tax (VAT) revenue of N120.268 billion available in the month of March 2020. The State Governments received N55.925 billion, the Local Government Councils received N39.147 billion, while the cost of collection by Revenue Agencies and allocation to North East Development Commission (NEDC) was N8.419 billion.
The Statement of Accounts confirmed that the Federal Government received N29.780 billion, the State Governments received N15.105 billion, the Local Government Councils received N11.645 billion and the Oil Producing States received N6.452 billion from the total revenue of N62.982 billion available from Exchange Gain.
The Statement revealed that in the month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax(CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases.
The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing. Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.