April FAAC Money Falls 38% Below March Share

By GWG Staff

The Federation Accounts Allocation Committee (FAAC) has shared N370.411billion received for the month of April, which is 38% below the N597.676 billion shared in March.

Mr. Hassan Dodo, Director of Information in the Ministry of Finance, Budget, and National Planning, made this known in a statement 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.

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

He explained that 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 per cent 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 billon.

“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.

The distribution in the month of April was 38% below the allocations distributed in the Month of March.

He said that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and VAT, all recorded decrease.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG