FAAC Shares N606.196bn to Federal, State and Local Governments

By Ogechi Okorie

Abuja – A total sum of N606.196 billion has been shared to the three tiers of government by the Federation Accounts Allocation Committee (FAAC) for the month of April 2020.

This amount, includes revenue from Value Added Tax (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).

Cost of collection, FIRS Refund, Allocation to North East Development Commission and Transfer to Excess Oil Revenue was put at N15.134 billion.

Hassan Dodo, Director of Information at the Federal said “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.

The VAT distribution for April shows that the Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billon.

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