The Federation Accounts Allocation Committee (FAAC) has allocated a total of N681.33 billion as March 2021 federation revenue to the federal, state and local governments.
This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for April 2021.
The gross statutory revenue for the month of March 2021 was N466.687 billion, Value Added Tax (VAT) revenue was N181.712 billion while Exchange Gain was N2.931 billion.
The sum of N30 billion was added as augmentation, bringing the total distributable revenue to N681.330 billion.
The communiqué indicated that from the total distributable revenue, the Federal Government received N212.146 billion; the state governments received N179.242 billion while the local government councils received N132.193 billion.
The communique stated that “the sum of N40.241 billion was shared to the relevant states as 13% derivation revenue, while the cost of revenue collection, transfers and refunds was N87.507 billion. The N30 billion augmentations was also shared as appropriate”.
According to the communiqué, in the month of March 2021, import duty, excise duty, value added tax (VAT), companies income tax (CIT) and oil and gas royalty all recorded tremendous increases while petroleum profit tax (PPT) decreased substantially.
