FAAC shares N606.19 billion allocations for April
The total sum of N606.19 billion has been shared by the Federation Accounts Allocation Committee (FAAC) to the Federal, States and Local Governments 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.
In a virtual meeting led by Dr Mahmoud Isa-Dutse, the Permanent Secretary in the ministry, the committee said the amount shared included Value Added Tax (VAT), Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue.
Hassan revealed that the Federal Government received N169.831 billion; the states got N86.140 billion while the local government councils had N66.411 billion and the oil producing states received N32.895 billion as 13 per cent derivation.
He said the Gross Revenue available from the VAT for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March, resulting in a decrease of N25.772 billion.
Adding that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and VAT, all recorded decrease.
“The distribution is as follows; Federal Government got N13.182 billion, the states received N43.941 billion, local government councils took 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,” he stated.
