EHIME ALEX, Lagos
The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N606.196 billion as federal allocation to the three tiers of government for the month of April 2020.
FAAC said at a meeting it held via Virtual Conferencing and chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr Mahmoud Isa-Dutse.
According to a statement on Friday by Hassan Dodo, Director of Information, Ministry of Finance available to NATIONAL ACCORD, from the amount which was inclusive of VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the Federal Government received N169.831 billon, the States received N86.140 billion, Local Government councils got N66.411 billion, while the oil producing states received N32.895 billion as derivation (13% Mineral Revenue).
However, cost of collection/FIRS Refund/ Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.
In a communiqué said to be issued by FAAC at the end of the meeting, it 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.
It showed the distribution to be as follows: Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billon.
It stated that 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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