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Published On: Fri, Jun 19th, 2020

FAAC: FG, states, LGs share N547bn in May

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By Ese Awhotu

The three tiers of government have shared about N547.309 billion as federal allocation for May.
This was contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC) Thursday in Abuja.
The meeting was presided by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse.
The breakdown of the allocations showed the Federal Government received N219.799 billion, the States received N152.436 billion, Local Government councils got N114.095 billion, while the oil-producing states received N37.021 billion as derivation (13 per cent Mineral Revenue).
The communique issued at the end of the meeting indicated that, the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Excess Bank Charges.
The report said the cost of collection for the Federal Inland Revenue Service (FIRS), and allocation to the North East Development Commission was N23.958 billion.
(FAAC said the gross revenue available from the Value Added Tax (VAT) for the month was N103.873 billion as against the N94.498 billion distributed in the preceding month of April 2020, resulting in an increase of N9.377 billion.
The distribution showed the Federal Government got N14.490 billion, the States received N48.301 billion, Local Government Councils got N33.811billon.

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