Business
FAAC: FG, states, LGs share N676.41bn
The Federation Accounts Allocation Committee (FAAC) has shared a sum of N676.41bn for July 2020 Federation Account revenue to the federal, states and local government councils and relevant agencies across the country for the month of July.
The sum was disclosed after the monthly FAAC meeting for August 2020 held via virtual conferencing and chaired by the Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse.
The gross statutory revenue of N543.79bn was received for the month of July 2020.
This was higher than the N524.53bn received in the previous month by N19.26bn.
The gross revenue available from the Value Added Tax was N132.62bn as against N128.83bn available in the preceding month, resulting in an increase of N3.79bn.
FAAC indicated, in a communique, that from the total distributable revenue of N676.41bn, the Federal Government received N273.19bn, state governments received N190.85bn and Local Government councils received N142.76bn.
The oil producing states received N42.85bn as 13 per cent derivation revenue, while two sub-heads namely, cost of collection and transfers to relevant agencies collectively had allocation of N26.76bn.
Federal Government got N254.69bn from the gross statutory revenue of N543.79bn, the states received N129.18bn and the Local Government Councils received N99.59bn.
The sum of N42.85bn was given to the relevant states as 13 per cent derivation revenue and N17.47bn was the collective total for cost of revenue collection by revenue agencies.
The Federal Government received N18.5bn from VAT revenue of N132.62bn.
