MARK ITSIBOR, Abuja
The Federal Account Allocation Committee (FAAC), yesterday, in its meeting via virtual conference, chaired by the permanent secretary of the Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared a total sum of N606,196 billion at the three levels of government as revenue for April 2020.
Of this amount, including value added tax (VAT), foreign exchange gain, solid mineral revenue, excessive bank charges and excess oil revenue, the federal government received N169.831 billion, the states received N86.140 billion, councils from the local government received N66.411 billion, while oil producing states received N32.895 billion as a derivation (13% of Mineral Revenue).
However, the cost of collecting / reimbursing / allocating FIRS to the Northeast Development and Transfer Commission for Excess Oil Revenue was N15.134 billion.
In a statement released by FAAC at the end of the meeting, it indicated that the Gross Available VAT Revenue for April 2020 was N94.495 billion, against the N120.268 billion distributed in the previous month of March 2020, resulting in a decrease of N25 , 772 billion.
The distribution is as follows; The federal government received N13.182 billion, states received N43.941 billion, local government councils received N30.758 billion.