FAAC Allocates N676.4bn To Three Tiers Of Governnment

The Federation Account Allocation Committee has allocated the sum of N676.407 billion as federal allocation for the month of July, 2020.

The amount was allocated to the three tiers of government at the virtual meeting presided over by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse.

From this amount, inclusive of VAT, the Federal Government received N273.189bn, States received N190.849bn, the Local Government councils got N142.761bn, while the oil producing states received N42.851bn based on the 13 per cent derivation principle.

A communique issued by FAAC at the end of the meeting, indicated that the Gross Revenue available from Value Added Tax for July, was N132.619bn against N128.619bn distributed in the preceding month of June, resulting in an increase of N3.793bn.

The amount was distributed thus; Federal Government got N18.5bn, the States received N61.668bn, Local Government Councils got N43.168bn, while Cost of
Collection to revenue generating agencies was N9.283bn.

The Communique showed that the distributed Statutory Revenue of N543.788bn received for the month was higher than the N524.526bn received in the previous month by N19.262bn,

From this amount, the Federal government received N254.68bn, States got N129.181bn, LGCs got N99.593bn, and Derivation N42.851bn

The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax, and Value Added Tax increased considerably, while Companies Income Tax, Import and Excise Duty recorded decreased during the period.