FAAC Disburses N547bn May Revenue To FG, States, LGAs

FAAC Disburses N547bn May Revenue To FG, States, LGAs

The Federation Accounts Allocation Committee (FAAC) has approved the sharing of N547.309 billion to the three tiers of government as federation allocation to the federal government, states and local government areas for the month of May, 2020.

The figure is inclusive of VAT, Exchange Gain and Excess Bank Charges recovered, according to a communique that was issued at the end of its  meeting via Virtual Conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.  Details of the revenue distribution showed that the federal government received N219.799 billon, 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% of Mineral Revenue).

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However, cost of collection/FIRS Refund/ Allocation to North East  Development Commission was N23.958 billion.  In a communiqué issued by the Federation Account Allocation Committee  (FAAC) at the end of the meeting, indicated that the Gross Revenue  available from the Value Added Tax (VAT) for May 2020 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.

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