Federal Government, States and Local Government shared a total of N581.566 billion for the month of February from the federation account. The decision was announced at the end of the rescheduled meeting of the FAAC held in Abuja. The meeting was rescheduled as a result of the COVID19 that is ravaging the world health system.
A communique issued by the Office of the Accountant General of the Federation on the behalf of the FAAC said the N581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalisation Account. The communique said the balance in the Excess Crude revenue Account (ECA) stood at about $72.221 million while gross statutory revenue for the month of February 2020 was about N466.058 billion which is lower by N59.195 billion than the N525.253 billion received in January 2020.
Also, for the month, the gross revenue available from the VAT was about N99.552 billion as against N104.758 billion in the previous month, a decrease of N5.206 billion. Exchange Gain yielded a total revenue of about N757 million, and revenue from Foreign exchange Equalisation Account was about N15.199 billion. The Accountant General of the Federation, Ahmed Idris, said from the total revenue of N581.566 billion, the Federal Government received N236.118 billion, the State Governments N159.010 billion, and the Local Government Councils N119.305 billion.
The Oil Producing States received N45.310 billion as 13 per cent derivation revenue and the Revenue Generating Agencies N21.822 billion as cost of revenue collection.