Allocation summary of Gross Revenue by the Federation Account Allocation Committee (FAAC) for the month of March 2020, disbursed in April 2020 has being published.
In a document showing the breakdown from the National Bureau of Statistics (NBS), reveals the distribution of revenue allocation to the Federal Government of Nigeria by the Federation Account Allocation Committee.
There are five (5) beneficiaries of the; namely, the Federal Government of Nigeria (Consolidated Revenue Fund Account), Share of Derivation and Ecology, Stabilization, Development of Natural Resources and the Federal Capital Territory, Abuja.
The Federal Government of Nigeria (Consolidated Revenue Fund) got a Gross Statutory Allocation of N200,492,205,154.99 and an Exchange Gain Difference of N27,417,630,529.20, to make a total net amount of N202,938,226,762.58.
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The Share of Derivation and Ecology got a Gross Statutory of N4, 133,859,900.10 and an Exchange Gain Difference of N565, 311,966.67, to make a total net amount of N4, 699,171,869.78.
Stabilization got a Gross Statutory of N2, 066, 929, 950.05 and an Exchange Gain Difference of N285, 655 984.84, to make a total net amount of N2, 349, 585, 934.89.
Development of Natural Resources got a Gross Statutory of N6, 944, 884, 632.17 and an Exchange Gain Difference of N949, 724, 109.05, to make a total net amount of N7, 894, 608, 741 .23.
The Federal Capital Territory, Abuja got a Gross Statutory of N4, 133,859,900.10 and an Exchange Gain Difference of N565, 311,966.67, to make a total net amount of N5, 775,190,144.03.
The overall Gross Statutory Allocation is N217,771,739,537.42 and the overall Exchange Gain Difference is N29,780,634,562.43. The total net amount of N223,656,783,452.50.
The total of all beneficiaries are Statutory (N478,175,742,863.51), Exchange Gain Difference (N62,983,314,219.42), Oil Excess (N119,500,000,000.00), Value Added Tax (VAT) amounts to N120,268,598,275.73. The overall total is N780,927,655,358.66.
Further breakdown of the beneficiaries are detailed below; North East Development Community received from the VAT of N3,608,057,948.27 and nothing from Oil Excess, Exchange Gain Difference and Statutory.
Transfer to Excess Oil Revenue received from none of the above but for the Oil Excess which amounts to N103,965,000,000.00.
Police Service Commission received from a Statutory of N11,276,340,447.20 only, likewise the Refund to Federal Inland Revenue Service (FIRS), receiving N4,000,000,000.00.
Cost of Collection from The Federal Inland Revenue Service (FIRS) got a statutory of N5,957,284,219.21 and VAT allocation of N4,237,799,704.95, making a total of N10,195,083,924.16.
Cost of collection from the Department of Petroleum Resources (DPR) received from the statutory allocation of N5,739,545,087.88 only.
Thirteen Percent (13%) Derivation Fund was from Statutory Allocation of N32,299,348,243.84 and Exchange Gain Difference allocation of N6,452,117,252.01 and Oil Excess allocation of N15,535,000,000.00; making a total of N54,286,465,495.85k.
States got a total allocation of N181,486,770,558.66k, from Statutory allocation of N110,456,736,530.75k, Exchange Gain Difference of N15,105,135,829.69 and VAT allocation of N55,924,898,198.22k.
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Federal Government of Nigeria (FGN) got a total of N264,329,843,559.32k. N217,771,739,537.42k from that amount is from the statutory, while N29,780,634,562.43 and N16,777,469,459.46k is from the Exchange Gain Difference and VAT allocation respectively.
The Local Government Councils got a total allocation of N135,950,369,256.16k from Statutory, Exchange Gain difference and VAT, in the amounts of N85,157,513,942.12k, N11,645,426,575.29 and N39,147,428,738.75k respectively.
Cost of collection of Nigeria Customs Service (NCS) got a statutory of N5,517,234,855.09 and from the VAT too of N572,944,226.08k, making a total of N6,090,179,081.17k.
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