FAAC shares N661bn for March 2020 as AGF admits error

Accountant General of the Federation (AGF), Ahmed Idris, on Friday, said the figure which he circulated as revenue allocation for March 2020, shared yesterday, April 22, was erroneous.

Instead of the N780 billion which he said was distributed to federal, states, local governments and some other federal government agencies, Ahmed said in a statement issued on Friday by his director of information, press and public relations, Henshaw Ogubike, that “revenue for the month is N780.927 billion which represents a 34.3 per cent increase over the previous month’s figure of N581.566 billion.”

He explained that 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.

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.

Gross statutory revenue for the month of March 2020 was N597.676 billion, which was higher than the N466.058 billion received in February 2020 by N131.618 billion.

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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 the cost of revenue collection by Revenue Agencies and allocation to Police Trust Fund.

“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.

Federal Government received N29.780 billion, states got N15.105 billion, councils received N11.645 billion and oil-producing states received N6.452 billion from the total revenue of N62.982 billion available from exchange gain.
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and VAT all recorded substantial increases.

NIGERIAN TRIBUNE