FAAC Shares N676.40bn July Allocation to FG, States, LGs


The Federation Account Allocation Committee (FAAC) has distributed a total of N676.407 billion revenue for July 2020 to the federal, state and local governments as well as relevant agencies in the country.

This was disclosed after the monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 through virtual conferencing, and chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmud Isa-Dutse.

According to a communique issued by FAAC at the end of the meeting, the gross statutory revenue of N543.788 billion was received for the month of July 2020.

This was higher than the N524.526 billion received in the previous month (June) by N19.262 billion.

The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion in the preceding month, resulting in an increase of N3.793 billion.

From the total distributable revenue of N676.407 billion, the federal government received N273.189 billion, states got N190.849 billion, while the local government councils received N142.761 billion.

Similarly, oil producing states received N42.851 billion as 13 per cent derivation revenue, while two sub-heads, including cost of collection and transfers to relevant agencies accounted for an allocation of N26.757 billion.

From the gross statutory revenue of N543.788 billion, the federal government received N254.688 billion, state governments, N129.181 billion and the local government councils, N99.593 billion.

The sum of N42.851 billion was given to the relevant states as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies

The federal government also received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion, state governments received N61.668 billion, local government councils got N43.168 billion, while cost of revenue collection and transfers collectively got an allocation of N9.283 billion.

Further details of the reference month showed that oil and gas royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreases.

The balance in the Excess Crude Account (ECA) as at August 19, 2020 stood $72.408 million, the communique said.


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The reason our state governors are lazy.

60 year old baby still relying on feeding bottle for food. Why the Pikin go get sense.

baliyubla:
60 year old baby still relying on feeding bottle for food. Why the Pikin go get sense.

very funny

the money disbursed to the oil producing states has increased, 28 billion was shared last month within the oil producing states, this month has increased to 42 billion.
Hopefully the economy is reviving gradually.

ok

GboyegaD:
The reason our state governors are lazy.

baliyubla:
60 year old baby still relying on feeding bottle for food. Why the Pikin go get sense.

you're very right.
The wise ones will diversify and venture into Agriculture.

Inviable Ekiti also received.. Lol

This 13% derivation revenue should'nt be paid to oil producing states anymore, the governors are misusing the funds for personal. Pay it directly to host communities as it is meant for them

Share-o-cracy. We share and pray oil prices bounces up forever.

baliyubla:
60 year old baby still relying on feeding bottle for food. Why the Pikin go get sense.

Feeding bottle economics. If one breast or feeding bottle is bigger, let us make a law that forces baby food sharing. The poor babies heard it and remained babies forever.

emeraldvee:
This 13% derivation revenue should'nt be paid to oil producing states anymore, the governors are misusing the funds for personal. Pay it directly to host communities as it is meant for them

That's why I support the continual gathering of biometric info like BVN.