BUSINESS AND ECONOMY

FG, States, LGs share N606.196bn for April

By Victor Akaa, Abuja

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 made available to News headquarters in Abuja on Friday.

Dodo said the meeting, which held by virtual, was chaired by Dr Mahmoud Isa-Dutse, the Permanent Secretary in the ministry.

According to him the amount shared included Value Added Tax (VAT), Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue.

He further said 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 percent 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 distribution is as follows; Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils took N30.758 billion.

“The distributed Statutory Revenue of N370.411billion 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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