Taxes, exchange gain, others jack up allocation shared in Nigeria

Allocation to the three tiers of government in Nigeria rose from N581.56bn that was shared in February to N780.92bn in March by N199.36bn amid fall in crude oil revenue and the lockdown.

Arising from a meeting where the distribution was made at the instance of the Federal Account Allocation Committee, the committee announced the disbursement of N780.92bn as March allocation.

The virtual FAAC meeting had representatives of all tiers of government and the Federal Capital Territory.

Director of Information, Press and Public Relations in the office of the Accountant General of the Federation, said the revenue disbursed comprised statutory revenue at N597.7bn as against February’s N466.1bn, Value-Added Tax (120.3bn), and exchange gain (N62.9bn).

According to the statement, from the statutory revenue, the Federal Government received N217.77bn, the states got N110.45bn, while N85.15bn went to the councils.

Also, disbursements from the VAT revenue of N120.26bn indicated that the Federal Government went away with N16.77bn, while the states got N55.92bn and councils received N39.14bn.

The exchange gain of N62.98bn made the Federal Government N29.78bn richer, states N15.1bn, and councils N11.64bn, while oil-producing states got N6.45bn as 13 per cent derivation.

According to the statement, the committee said the Petroleum Profit Tax, Companies Income Tax, import and excise duties, oil and gas royalties, and VAT recorded substantial increase.

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