FG, States and Local Governments to Share N780.926 billion as March Allocation

About N780.926 billion has been shared between the Federal, States and Local governments as March 2020 allocation.
The Director, Information, Press and Public Relations, Henshaw Ogubike, disclosed this after a virtual Federations Account Allocation Committee (FAAC), meeting with the 36 state commissioners of finance, revenue generating agencies and officials of the federal ministry of finance.

The statement read, “the Federal Government received N264.330 billion, the State Governments received N181.487 billion, and the Local Government Councils received N135.950 billion.”

The shared sum comprises statutory Revenue, Value Added Tax (VAT), and Exchange Gain.

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 Oil Producing States received N38.751 billion as 13% derivation revenue, while the cost of revenue collection by Revenue Agencies and allocation to NEDC was N160.408 billion.

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 NEDC was N8.419 billion.”

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