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N415b Shared by FG, States, LGs in April

By Dipo Olowookere

The sum of N415 billion was shared in April 2017 among the Federal Government, State Governments and Local Government Councils in the country.

This information was disclosed by the sub-Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation at the end of the meeting held on Wednesday in Abuja.

According to the committee, the sum of N248.11 billion was received as gross statutory revenue, lower than N331.58 billion received in the previous month.

The shared amount comprised the month’s statutory distributable revenue of N272.12 billion, Value Added Tax of N81.286 billion, Exchange gain of N38.517 billion and Excess PPT Account of N20.425 billion.

Also, there was a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

Accordingly, from Net Statutory Allocation, the Federal Government received N124.444 billion representing (52.68%); States received N63.119 billion (26.72%); Local Government Councils received N48.662 billion representing (20.60%); while the Oil Producing States received N22.640 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N12.193 (15%); States received N40.643 billion (50%) while the Local Government Councils received N28.450 (35%).

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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