FAAC: FG, states, LGs share N682bn for August

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First Bank
THE Federal Government, states, and local government councils have shared N682 billion for the month of August, Dr. Mahmoud Isa-Dutse, Permanent Secretary,  Ministry of Finance, Budget and National Planning, has said. Mr. Hassan Dodo, the Director of Information in the ministry, quoted Isa-Dutse as disclosing this in a statement issued at the end of the Federation Accounts Allocation Committee (FAAC) virtual meeting in Abuja on Friday. Isa-Dutse said that the N682.06 billion shared included cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS). According to him, the Federal Government received N272.9 billion, states got N197.65 billion while local government councils had N147.4 billion. He added that the oil-producing states received N30.88 billion as derivation (13 percent of Mineral Resources) while the Cost of Collection/Transfer and Refund was N33.205 billion. According to the communique issued by the committee, the gross revenue available from the Value Added Tax (VAT) for August was N150.23 billion. This was against the N132.61 billion distributed in July, resulting in an increase of N17.611 billion. “The distribution is as follows: Federal Government got N20.957 billion, states received N69.857 billion, Local Government Councils got N48.900 billion, while  Cost of Collection/Transfer and Refund was N10.51 billion. “The distributed statutory revenue of  N531.83 billion received for the month was lower than the N543.788 billion received for the previous month by N11.958 billion,” it said. (NAN) – Sept. 18, 2020 @ 17:25 GMT |

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