Federal government, states and local government councils share #647.353 billion for the month of January, 2020
By: Princess Adaora
The Federation Accounts Allocation Committee (FAAC) at its Meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the Federal Government, States and Local Government Councils a sum total of six hundred and forty seven point three five three billion naira as federal allocation for the month of January 2020.
From the amount, inclusive of Gross Statutory, VAT, Exchange Gain difference, and distribution from non-Mineral Revenue, the Federal Government received two hundred and sixty seven billion point three eight nine billion naira while the States received one hundred and seventy six point nine two three billion naira and the Local Government councils got one hundred and thirty two point nine four four billion naira
The oil producing states also received forty six billion naira as derivation that is thirteen percent Mineral Revenue.
However, cost of collection/FIRS, and NCS Refund/ Allocation to NEDC was twenty three point nine hundred billion naira.
In a communique issued by the Committee at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for January 2020 was ninety seven point four two five billion naira as against the one hundred and six point seven six nine billion naira distributed in the preceding month of December 2019, resulting in a decrease of mine point three four four billion naira.
A statement by the Director of information for the Ministry, Hassan Dodo, said the distribution stood at the Federal Government getting fourteen point six one four billion naira and the States received forty eight point six one seven four billion naira Local Government Councils share stood at thirty four point zero zero nine billion naira.
The distributed Statutory Revenue of five hundred and eight point six eight six billion according to the statement received for the month was lower than the five hundred and sixty five point two six one billion naira received in the previous month by fifty six point five seven five billion, which was also distributed amongst the three tiers of government
As at February nineteen, 2020, the Excess Crude Account stood at seventy one point eight one four million dollars.