The Federation Accounts Allocation Committee (FAAC) on Monday finally reached agreement and shared the sum of N581.566 billion to the Federal, States and Local Governments for February.
Director, Press and Public Relations in the Office of the Accountant-General of the Federation, Mr. Henshaw Ogubike, in a statement in Abuja the agreement was reached after a rescheduled meeting of the FAAC.
Ogubike explained that the N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account.
He disclosed that the committee also announced that the balance in the Excess Crude Account (ECA) was 72.221 million dollars.
According to him, the Federal Government received N236.118 billion, the state governments got N159.010 billion while the Local Government Councils received N119.305 billion.
He disclosed that the oil producing states received N45.310 billion as 13 per cent derivation revenue while the revenue generating agencies received N21.822 billion as cost of revenue collection.
He explained that the gross statutory revenue for the month of February was N466.058 billion, adding that it was lower than the N525.253 billion received in January 2020 by N59.195 billion.
He also added that for the month of February, the gross revenue available from VAT was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.
He further explained that Exchange Gain yielded a total revenue of N0.757 billion, and revenue from Forex Equalisation Account was N15.199 billion.
“A breakdown of the distribution showed that from the gross statutory revenue of N466.058 billion, the Federal Government received N214.915 billion, the State Governments got N109.008 billion and the Local Government Councils received N84.040 billion.
“The Oil Producing States received N43.242 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.
“From the VAT revenue of N99.552 billion, the Federal Government received N13.888 billion, the State Governments received N46.292 billion, the Local Government Councils got N32.404 billion and the Revenue Generating Agencies were given N6.969 billion as cost of revenue collection.
“The Forex Equalisation Account revenue was N15.199 billion. The Federal Government received N6.966 billion, the State Governments got N3.533 billion, the Local Government Councils received N2.724 billion and the Oil Producing States had N1.976 billion,” he explained.
