Nigeria Shares N616bn Among Federal, States, LGs For April 2019

A total of N616.19 billion was on Tuesday distributed as Federal Allocation for the month of April, 2019 among the three-tiers of government, consisting the federal, state and local governments.

According to a communique issued by the Technical sub -Committee of Federation Account Allocation Committee (FAAC) released at the end of meeting in Abuja, and signed by the Acting Accountant-General of the Federation, Mohammed Usman, the Gross statutory revenue received for the reference month was N518.91billion, which is N72.26bn higher than the N446.64bn received in the previous month of March.

According to the statement, evenues from Petroleum Profit Tax, Import Duty and Companies Income Tax recorded significant increases during the period, while Oil Royalty and Export Duty decreased substantially, while Value Added Tax rose marginally during the period.

The communique said the N616.19bn shared in the month of April is made up of statutory distributable revenue of N512.6bn and VAT of N96.4bn

From the statutory revenue, the Federal Government after deducting the cost of collection to the revenue generating agencies received N253.91bn representing 52.68 per cent; States: N168.05bn which is 26.72 per cent; and Local Government Councils: N126.27bn representing 20.60 per cent.

Similarly, the sum of N46.35bn was allocated to the oil-producing states based on the 13 per cent derivation principle.

From VAT revenue of N96.4bn, the Federal Government received N13.89bn representing 15 per cent; states N46.31bn which is 50 per cent, while Local Government Councils received N32.41bn or 35 per cent.

SOURCE: skytrendnews.com