Despite the Federation Accounts Allocation Committee sharing N581.566 billion revenue in February 2020 among the Federal, States and Local Governments in the country, the allocations to the three tiers have suffered a drastic shortfall.
The Federal Government received N6.966 billion, 36 State Governments collected N3.533 billion, 774 Local Government Councils got N2.724 billion while the Oil Producing States received N1.976 billion.
The N581.566 billion shared in February 2020 is lower by N59.195 billion or 65.97 per cent than N647.35 billion shared in January 2020.
A communique issued after a rescheduled meeting of FAAC held in Abuja said the amount comprised Statutory Revenue, Value Added Tax, Exchange Gain, and revenue from Forex Equalisation Account, saying that $72.221 million was the balance in the Excess Crude Account.
The gross statutory revenue for February 2020 was N466.058 billion, lower than the N525.253 billion received in January 2020 by N59.195 billion.
For the February 2020, the gross revenue available from the Value Added Tax 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 Equalisation Account was N15.199 billion.
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 received N119.305 billion.
The Oil Producing States received N45.310 billion as 13 per cent 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 per cent derivation revenue and the Revenue Generating Agencies received N14.853 billion as cost of collection.
From the Value Added Tax 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 N0.137 billion and the Oil Producing States received N0.092 billion.
The Forex Equalisation Account revenue was N15.199 billion.
The communique confirmed that in the February 2020, Petroleum Profit Tax, Companies Income Tax, Import and Excise Duties, Oil and Gas Royalties and Value Added Tax all recorded substantial decreases.
