Home / Featured / FG, States, LGs share N606.196bn for April, 2020

FG, States, LGs share N606.196bn for April, 2020

The Federation Accounts Allocation Committee (FAAC) on Friday shared the total sum of N606.196 billion in April to the three tiers of government.

The meeting which held via Virtual Conferencing was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

From this amount, the federal government received N169.831 billon, the States got N86.140 billion, Local Governments N66.411 billion, while the oil producing states received N32.895 billion as 13 per cent derivation.

The amount shared is inclisive of VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue

However, cost of collection/FIRS Refund/Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.

A look at the figures revealed that 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.

According to the Committee. Gross Revenue from Value Added Tax (VAT) for the month 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. A breakdown showed that federal government got N13.182 billion, States received N43.941 billion and Local Government Councils got N30.758 billon. The Committee also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases

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