FG, States, LGAs share N1.68tr as revenue allocation for February

The three tiers of government shared the sum of N1.68 trillion as revenue allocation for February on Friday.

The Director of Press and Publications, Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja.

The communiqué released to journalists on Saturday revealed that the total revenue of N1.68 trillion comprised statutory revenue of N827.633 billion and Value Added Tax (VAT) revenue of N 609.430 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion, and Augmentation of N178 billion.

According to the communiqué, a total gross revenue of N2.344 trillion was available in February.

It read: “Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds, and savings was N577.097 billion.

“Gross statutory revenue of N1.653 trillion was received for February, which was lower than the sum of N1.848 trillion received in January by N194.664 billion.

“Gross revenue of N654.456 billion was available from VAT in February, lower than the N771.886 billion available in January by N117.430 billion.

“From the total distributable revenue of N1.678 trillion, the Federal Government received a total sum of N569.656 billion and the state governments received a total sum of N562.195 billion.

READ ALSO: Nigeria’s new revenue platform goes live, to integrate Remita

“The LGCs received a total sum of N410.559 billion, and a total sum of N136.042 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the N827.633 billion statutory revenue, the Federal Government received N366.262 billion and the state governments received N185.773 billion.

“The LGCs received N143.223 billion and the sum of N132.374 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, the state governments received N304.715 billion and the LGCs received N213.301 billion.

“A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion EMTL. The state governments received N17.585 billion and the LGCs received N12.310 billion.

“From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the state governments received N6.560 billion.

“The LGCs received N5.057 billion and a total sum of N3.668 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue.

“Oil and Gas Royalty and EMTL, increased significantly while VAT, Petroleum Profit Tax (PPT), Companies Income Tax, Excise Duty, Import Duty, and CET Levies recorded a decrease.”

The post FG, States, LGAs share N1.68tr as revenue allocation for February appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.