FAAC: FG, States, LGs share ₦606.196b for April

The Federation Accounts Allocation Committee (FAAC) has shared N606.196 billion to the three tiers of government for the month of April, 2020.

The Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, who chaired the virtual conference explained that the Federal Government received N169.831 billion, the States received N86.140 billion, and Local Government councils got N66.411 billion.

He added that while the oil producing states received N32.895 billion as derivation (13% Mineral Revenue) the Federal Inland Revenues Service refund and allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.

In a communiqué issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of N25.772 billion.

The distribution is as follows; Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billion.

The distributed Statutory Revenue of N370.411 billion received for the month was lower than the N597.676 billion received for the previous month by N227.265 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N606.196 billion.

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