FAAC revenue rises by 12.5%, shares N681bn in April

The federation accounts allocation committee (FAAC) has shared the sum of N680.33 billion among the three tiers of government for April allocation.

The figure is 12.5 percent higher compared to N605.589 billion shared in March.

This is contained in a communiqué issued at the end of the virtual meeting of the federation account allocation committee for April.

The disbursement in April represents the revenue accrued to the federation in the month of March.

According to the communiqué, the federal government received N212.146 billion, state governments shared N179.242 billion, while the 774 LGAs were allocated N132.193 billion.

A sum of N154 billion was transferred to the non-oil revenue savings and the balance in the excess crude account was $72.413 million.

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

From the gross statutory revenue derived in March, the federal government received N185.365 billion, state governments shared N94.02 billion and the LGAs got N72.485 billion.

A total of N40.241 billion was shared to the relevant states as 13 percent derivation revenue, N30 billion was added as augmentation, while the cost of revenue collection, transfers and refunds was N87.507 billion.

“The N30bn augmentation was also shared as appropriate,” the communique reads.

This development comes after Godwin Obaseki, governor of Edo state, accused the federal government of “monetary rascality”, alleging that an additional N60 billion was printed and shared as federation allocations in March 2021.