Allocations shared between the Federal, State and Local Government Areas in Nigeria in the month of March 2020 was higher than that of April, FAAC
A sum of N606.196 billion was said to be shared between the three-level of power in Nigeria, a figure lower than the N780.926 shared in the month of March 2020.
The figures were confirmed in a statement on Friday by the Ministry of Finance, Budget and National Planning through its Permanent Secretary, Dr Mahmoud Isa Dutse.
Dutse revealed the details at the Federation Accounts Allocation Committee (FAAC) virtual meeting held in Abuja on Friday, May 15.
According to Dutse, “Value Added Tax (VAT), exchange gain, solid mineral revenue, excess bank charges and excess oil revenue, the Federal Government received N169.831 billion, the States received N86.140 billion, Local Government councils got N66.411 billion from the amount.”
“The oil-producing states also got N32.895 billion as derivation (13% Mineral Revenue). N15.134 billion was allocated to cost of collection/refund for the Federal Inland Revenue Service (FIRS), North East Development Commission and transfer to excess oil revenue.”
Surgenig News also understands that the Gross Revenue available from the Value Added Tax (VAT) for the month of April was N94.495 billion which is against the N120.268 billion shared in March.
From the press release by the Federation Accounts Allocation Committee (FAAC), there was a decrease of N25.772 billion from the money shared in April, this online news media understands.
The distribution of the allocated money is as follows:
“Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billion.”
“The total revenue distributable for the current month (including the cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) according to the committee is N606.196 billion,” FAAC reveals.