FAAC disbursement drops N63bn to N616bn in May

The three tiers of government shared a total of N616.886 billion received from the federation accounts allocation committee (FAAC). 

This is the revenue from April as allocation for May.

Henshaw Ogubike, director of information, press and public relations, at the office of accountant general of the federation (OAGF), disclosed this in a statement on Friday.

Of the total revenue derived in April, the federal government, in May, received N244.011 billion, while the state and local government councils got N193.432 billion and N143.298 billion, respectively.

This figure shows a decline of N63.45 billion when compared to FAAC disbursements for revenue accrued in March.

With increased revenue in March, the sum of N680.33 billion was shared among the three tiers of government in April.

In March, gross statutory revenue was N466.687 billion, value added tax revenue was N181.712 billion and exchange gain was N2.931 billion.

But according to the statement, gross statutory revenue fell to N429.733 billion in April.

Revenue from the value added tax also reduced to N164.340 billion while revenue from the exchange gain dipped to N2.250 billion.

The OAGF said the excess bank charges recovered was N0.563 billion, while revenue from non-oil was N20 billion.

For non-oil revenue, the federal government received N10.536 billion, the state government got N5.344 billion and the local governments was allocated N4.120 billion.

“In April 2021, the sum of N79.468 billion was the total deductions for cost of collection, statutory transfers and refunds,” the statement reads.

“The balance in the Excess Crude Account was $72.413 million.”

It noted that oil-producing states received the sum of N36.145 billion as 13 percent derivation revenue.

The statement also noted that from the gross statutory revenue, N207.477 billion was given to the federal government, the state governments received N105.235 billion while the local government councils received N81.132 billion.

“The Federal Government received N24.651 billion from the gross Value Added Tax (VAT) revenue of N164.340 billion, the state governments received N82.171billion and local government councils received N57.519 billion,” it reads.

The statement added that the federal government received N1.051 billion, the state governments receive N0.533 billion, the local government councils received N0.411 billion and N0.255 billion was given to the relevant states as 13 percent derivation revenue from the exchange gain revenue.

It added that petroleum profit tax and excise duty recorded a significant increase, while companies income tax, oil and gas royalties, VAT and import duty suffered a decline.