FAAC releases N606.196 billion statutory allocation for April 2020

Federation Accounts Allocation Committee
Federation Accounts Allocation Committee
The Federation Accounts Allocation Committee (FAAC) yesterday shared to the three tiers of government, a total of N606.196 billion as federal allocation for the month of April 2020.

The meeting via virtual conferencing was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

A statement from the Ministry of Finance, Budget and National Planning said the amount 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 governments got N66.411 billion, while the oil producing states received N32.895 billion as derivation fund (13% mineral revenue), the statement said.

The statement indicated that the cost of collection/FIRS refund/allocation to the North East Development Commission and transfer to excess oil revenue was N15.134 billion.

It also 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.

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