The Federation Accounts Allocation Committee on Friday said it shared a total of N616.886bn as April 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies in Nigeria.
The Office of Accountant General of the Federation disclosed that the shared revenue was contained in a communiqué issued by FAAC after its monthly meeting for April 2021 held through virtual conferencing.
The Director, Information, Press and Public Relations, OAGF, Henshaw Ogubike, revealed this in a statement issued in Abuja on Friday.
The statement was titled, ‘FAAC shares N616.886 billion APRIL 2021 revenue to FG, states and LGs.’
According to the statement, the gross statutory revenue for April 2021 was N429.733 billion, the gross revenue from the Value Added Tax was N164.340 billion and revenue from the exchange gain amounted to N2.250 billion.
The OAGF also said that the excess bank charges recovered was N0.563 billion, while revenue from non-oil was N20 billion, bringing the total gross revenue to N616.886 billion.
The statement read in part, “In April 2021, the sum of N79.468 billion was the total deductions for cost of collection, statutory transfers and refunds.
“The balance in the Excess Crude Account was $ 72.413 million.”
The communiqué indicated that from the total revenue, the federal government received N244.011billion, while the state and local government councils received N193.432 billion and N143.298 billion, respectively.
It added that oil-producing states received the sum of N36.145 billion as 13% derivation revenue.
The statement also noted that from the gross statutory revenue, N207.477 billion was given to the FG, the State Governments received N105.235 billion and the local government councils received N81.132 billion.
It added that “the sum of N35.890 billion was given to the relevant states as 13% derivation revenue.
“The Federal Government received N24.651 billion from the gross Value Added Tax (VAT) revenue of N164.340 billion, the state governments received N82.171billion and local government councils received N57.519 billion.”
The communiqué confirmed that the FG received N1.051 billion, the state governments receive N0.533 billion, the local government councils received N0.411 billion and N0.255 billion was given to the relevant States as 13% derivation revenue form the from the Exchange Gain revenue.
It further stated that from the excess bank charges, the federal government received N0.296 billion, the state governments received N0.150 billion, and the local governments received N0.116 billion.
According to the communiqué, the FG received N10.536 billion, the state government received N5.344 billion and the local governments received N4.120 billion from non-oil revenue.
It added that in April 2021, petroleum profit tax and excise duty recorded a significant increase, while companies Income tax , oil and gas royalties, VAT and import duty experienced a decline.