FAAC: FG, States, LGs Share ₦606 Billion For April

The Federation Accounts Allocation Committee has shared N 606. 196 billion to the three tiers of government for the month of April .

Director of Information in the Ministry of Finance , Budget and National Planning , Mr Hassan Dodo, made this known in a statement in Abuja on Friday.

Dodo said the meeting , which held by virtual , was chaired by the Permanent Secretary in the ministry, Dr Mahmoud Isa - Dutse.

He said the amount shared included Value Added Tax , Exchange Gain, Solid Mineral Revenue, Excess Bank Charges, and Excess Oil Revenue .

He explained that the Federal Government received N 169. 831 billion, the states got N86 .140 billion while the local government councils had N 66.411 billion and the oil - producing states received N 32. 895 billion as 13 per cent derivation.

The director , however, disclosed that the cost of collection of Federal Inland Revenue Service Refund and Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N 15.134 billion .

“ The Gross Revenue available from the VAT for April 2020 was N 94. 495 billion as against the N 120. 268 billion distributed in the preceding month of March, resulting in a decrease of N 25. 772 billion.

“ The distribution is as follows; Federal Government got N13. 182 billion, the States received N 43. 941 billion, Local Government Councils took N 30.758 billon .

“ The distributed Statutory Revenue of N 370. 411billion received for the month was lower than the N597 .676 billion received for the previous month by N 227. 265 billion ,” he stated .

He said that Petroleum Profit Tax, Companies Income Tax, Import and Export Duties, Oil and VAT, all recorded a decrease.

source: https://punchng.com/faac-fg-states-lgs-share-n606bn-for-april/

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