Recession: FG, States Forced To Share Smaller Amount In April
The recession continues to hit government revenue harder.
The Federation Account Allocation Committee, FAAC on Tuesday shared 415.7 billion Naira, which is 52.1 billion Naira less than what the federal, states and local governments shared in March.
The Accountant-General, Ahmed Idris, who represented the Minister of Finance, Kemi Adeosun, told journalists in Abuja that the 415.7 billion Naira was distributed under four sub-heads.
“The distributable revenue for the month is 272.1 billion Naira. The sum of 6.33 billion Naira was refunded by NNPC. There is also a proposed distribution of 20.42 billion Naira from the excess Petroleum Profit Tax.
“Also, exchange gain of 38.5 billion Naira is proposed for distribution. Therefore, the total revenue distributable for the current month, including VAT of 81.2 billion Naira is 415.7 billion Naira”, she said.
Adeosun said government generated 177.7 billion Naira as mineral revenue, which showed a reduction of 50 billion Naira from the 228.5 billion Naira generated in March.
Similarly, in April, the non-mineral revenue also reduced by 6.6 billion Naira, from the 103 billion Naira the country generated in March.
The minister said after deducting cost of collections to the revenue generating agencies, the federal government got 124.4 billion Naira, states 63.1 billion Naira and local government councils 48.7 billion Naira.
In addition, she said 22 billion Naira was given to the oil producing states based on the 13% derivation principle.
On the balance of the excess crude account, the minister said the account currently stands at 2.45 billion dollars.