The Federation Account Allocation Committee on Tuesday night distributed the sum of N616.19bn from the federation account to the three tiers of government as revenue allocation for the month of April.
The amount was confirmed in a communique issued at the end of the committee’s meeting which was held at the headquarters of the Ministry of Finance.
The communique was signed by the Acting Accountant-General of the Federation, Mohammed Usman.
The communique put the gross statutory revenue for the month of April at N518.91bn, adding that this was N72.26bn higher than the N446.64bn received in the previous month of March.
It said revenues from Petroleum Profit Tax, Import Duty and Companies Income Tax recorded significant increases during the period, while Oil Royalty and Export Duty decreased substantially.
It added that Value Added Tax rose marginally during the period.
The communique said the N616.19bn shared in the month of April is made up of statutory distributable revenue of N512.6bn and VAT of N96.4bn
From the statutory revenue, the Federal Government after deducting the cost of collection to the revenue generating agencies received N253.91bn representing 52.68 per cent; States: N168.05bn which is 26.72 per cent; and Local Government Councils: N126.27bn representing 20.60 per cent.
Similarly, the sum of N46.35bn was allocated to the oil-producing states based on the 13 per cent derivation principle.
From VAT revenue of N96.4bn, the Federal Government received N13.89bn representing 15 per cent; states N46.31bn which is 50 per cent, while Local Government Councils received N32.41bn or 35 per cent.
Cull from Punch
