In the next few working days, civil servants will be paid their April 2020 salaries.

This is because the Federation Accounts Allocation Committee (FAAC) has shared a total of ₦780.926 billion as March 2020 Federation Account Revenue.

The Office of the Accountant General of the Federation (OAGF) disclosed in Abuja that the Federal, States, Local Governments and relevant Agencies in the country shared ₦780.926 billion as at the end of the FAAC meeting.

According to the statement: “The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain.”

It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.

The gross statutory revenue for the month of March 2020 was put at ₦597.676 billion.

This was higher than the ₦466.058 billion received in February 2020 by ₦131.618 billion.

Value Added Tax (VAT) yielded gross revenue of ₦120.268 billion in March 2020 as against ₦99.552 billion in February 2020, resulting in an increase of ₦20.716 billion.

A total of ₦62.928 billion was available from Exchange Gain in the month under review.

The OAGF noted: “The Statement of Accounts indicated that from the total revenue of ₦780.926 billion, the Federal Government received ₦264.330 billion.”

Continuing, the Office said: “The State Governments received ₦181.487 billion, and the Local Government Councils received ₦135.950 billion.

“The Oil Producing States received ₦38.751 billion as 13% derivation revenue while the cost of revenue collection by Revenue Agencies and allocation to North-East Development Commission (NEDC) was ₦160.408 billion.”

According to the Statement of Accounts, the Federal Government received ₦217.773 billion from the gross statutory revenue of ₦597.676 billion.

The State Governments received ₦110.457 billion and the Local Government Councils received ₦85.158 billion.

The sum of ₦32.299 billion was given to the relevant States as 13% derivation revenue and ₦151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.

The Federal Government received ₦16.777 billion from the Value Added Tax (VAT) revenue of ₦120.268 billion available in the month of March 2020. The State Governments received ₦55.925 billion, the Local Government Councils received ₦39.147 billion, while the cost of collection by Revenue Agencies and allocation to NEDC was ₦8.419 billion.

The Statement confirmed that the Federal Government received ₦29.780 billion, the State Governments received ₦15.105 billion, the Local Government Councils received ₦11.645 billion and the Oil Producing States received ₦6.452 billion from the total revenue of ₦62.982 billion available from Exchange Gain.

It was also revealed that in the month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases which resulted in the large volume of money shared.

The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing.

Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.

https://www.google.com/amp/s/thenationonlineng.net/faac-shares-%25E2%2582%25A6780-926bn-for-march-2020/amp/

Wait first, just hold on. Are they telling me that NEDC receives more money than oil producing states. I don't understand the PASSAGE

Sharing money upandan and yet poverty ravages the land.

Audio money...

No Excuse not to pay workers April Salary

I m sure by now, Most states should realise that Paying Salaries iss the priority, people needs to stay alive

Good Devt

Dancing Awilo Logumba....Skelewa...Shoki....Alanta....

Salary for April sure....

But come o where them take see money come share am pass Feb with the dropping oil prices....

February with oil boom: 600billion+
March without oil 700billion+

Am not understanding.

After this month Nigerians should get ready for zero allocation. remember PMB released 150 million dollars to add syrup that. next month will be disasterIours

How can north east development commission receive 160bn. . This is outrageous and completely insensitive ....

Infact all southerners in APC are fools
All southern leaders have failed completely

Sensational journalism, NEDC annual budget is not up to N40b.

Buhari is doing we.under him,our non oil revenue sources is very high and he's still found a way to stabilize revenue.up buhari

Sharing as Usual, Let them Continue, A day will Come when there will be nothing left to Share.
Let All States go Back to the Table, devise means of Generating More IGR instead of Rushing to Abuja...this has Made many States Lazy interns of Generating Revenues as they know they will get whatever they need From Abuja.

This is just CALCULATIONS ON PAPER

I believe what happens on paper is always different from what happens in reality
Just like some football clubs will present a 4-2-3-1 formation and end up using 9-1-0-0 formation

On a serious note, we need serious divine intervention up there

Hmmmm

Niger Delta money... we will continue until nothing is left but barren land. then we will kick them Away

They have enough billions to share among themselves but dont have N5000 to share for Nigerians

Uzodimma Hope has not paid March salary and pension. Is it April he would pay. Nigeria is cursed.

That's is cheering. Keep sharing. Remember the common man sha.


https://www.youtube.com/watch?v=YC9VBEZ6vZ4

There’s still money to share.

Issoryt...On a low key...FG do gain alot via this VAT matterx

Q

Oh Nigeria, baba God help us make we no go broke las las

Zendinho:


February with oil boom: 600billion+
March without oil 700billion+

Am not understanding.

That's because oil is sold in 3 months arrears.
What is being shared now was what was sold 3 months ago

Starting from when oil prices crashed to around $20, count 3 months (june - july) and we would have very little to share except emergency loans are procured. That is when the real economic impact of covid19 will register on the land.

Private firms are already not paying salaries and by then, even federal and state governments wont be able to pay if they don't get quick loans or assess our foreign reserve.

Brace up guys because oil prices won't/can't rebound overnight!

SocialJustice:
Please enlighten me, where did you get this 3 months arrears information from?

Brother, you've been educated about our oil contracting... if this area piques your interest, you can ask nnpc nicely for further clarification and they'll oblige you.

What's tha business?

wow.

It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.

Pls how?

Even as oil price started dropping from the month of Feb?

here we go again...let me break this news to y'all...this will never end
₦780.926 billion naira o but they can't afford to give us 5k each




https://www.youtube.com/watch?v=-I525KtbupI

DonMustafa:
They have enough billions to share among themselves but dont have N5000 to share for Nigerians

Lol

A





You see ehh remove Niger Delta Oil this corntree breaks

Every now and then, money is being shared in this country. The sad truth is that this money have zero to no impact on the life of the masses.