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FAAC shares N581.6bn Feb. revenue to FG, States, LGs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion February 2020 Federation Account Revenue to the Federal, States and Local Governments in the country.

This was announced after a rescheduled meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.

The N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account.

It was announced that the balance in the Excess Crude Account (ECA) was $ 72.221 million.

The gross statutory revenue for the month of February 2020 was N466.058 billion.

This was lower than the N525.253 billion received in January 2020 by N59.195 billion. For the month of February 2020, the gross revenue available from the Value Added Tax (VAT) was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.

Exchange Gain yielded a total revenue of N0.757 billion, and revenue from Forex Equalization Account was N15.199 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N581.566 billion, the Federal Government received N236.118 billion, the State Governments received N159.010 billion, and the Local Government Councils received N119.305 billion.

The Oil Producing States received N45.310 billion as 13% derivation revenue and the Revenue Generating Agencies received N21.822 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N466.058 billion, the Federal Government received N214.915 billion, the State Governments received N109.008 billion and the Local Government Councils received N84.040 billion.

The Oil Producing States received N43.242 billion as 13% derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.

From the Value Added Tax (VAT) revenue of N99.552 billion, the Federal Government received N13.888 billion, the State Governments received N46.292 billion, the Local Government Councils received N32.404 billion and the Revenue Generating Agencies received N6.969 billion as cost of revenue collection.

The Exchange Gain revenue was N0.757 billion and the Federal Government received N0.350 billion, the State Governments received N0.178 billion, the Local Government Councils received N 0.137 billion and the Oil Producing States received N0.092 billion.

The Forex Equalization Account revenue was N15.199 billion.

The Federal Government received N6.966 billion, the State Governments received N3.533 billion, the Local Government Councils received N2.724 billion and the Oil Producing States received N1.976 billion.

The communique confirmed that in the month of February 2020, Petroleum Profit Tax (PPT), Companies Income Tax(CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial decreases.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.
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