FG, States, LGs Share N606.19 Billion April Allocation
The Federation Accounts Allocation Committee (FAAC) has shared N606.196 billion to the three tiers of government for the month of April.
Mr Hassan Dodo, Director of Information in the Ministry of Finance, Budget and National Planning, made this known in a statement in Abuja on Friday.
Dodo said the meeting, held by virtual, was chaired by Dr Mahmoud Isa-Dutse, the Permanent Secretary in the ministry.
He explained 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.
The director, however, disclosed that the cost of collection of Federal Inland Revenue Service (FIRS) Refund and Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.
“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.
“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.
He said that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and VAT, all recorded decrease.
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