Banking & Finance

FAAC: FG, States, LGs share N616.19bn as April revenue

FAAC: FG, States, LGAs share N769.52bn for July
Written by Maritime First

The Accountant-General of the Federation (AGF), Mr Ahmed Idris, on Tuesday said the Federal Government shared N616.19 billion as revenue generated in April to the three tiers of government, a slight decrease of about N1.37 billion from what was shared in March.

Idris who was represented by the Director of Funds, Office of the AGF, Mr Mohammed Usman stated this at an End of the Month news conference by the Federation Accounts Allocation Committee (FAAC) in Abuja.

Giving a breakdown of the revenue accrued in April, Idris said that the mineral revenue increased by N56.8 billion, moving from N308.44 billion in March to N365.24 billion in April.

In addition, he said that the non-mineral revenue Increased by N15.46 billion, that is from N138.2 billion in March to N153.66 billion in April.

“The gross statutory revenue of N518.91 billion recieved for the month is higher than the N446.64 billion recieved in the previous month by N72.26 billion.

“Revenues from Petroleum Profit Tax (PPT), import duty and Companies Income Tax recorded significant increases while Oil Royalty and Export duty decreased substantially.

“Value Added Tax also increased marginally from N88.49 billion in March to N92.72 billion in April,” he said.

In summary, Idris said that the Federal Government received N239.65 billion, States got N121.55 billion and local governments received N93.71 billion.

In addition, N46.25 billion, representing 13 per cent of the mineral revenue was shared to oil producing states.

Idris said that as at May 21, the money left in the Excess Crude Account (ECA) was 144 million dollars. 

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Maritime First