FAAC shares N604.004 to federal, states, councils

19 Nov FAAC shares N604.004 to federal, states, councils

The Federation Accounts Allocation Committee (FAAC), on Wednesday shared N604.004 billion as federation allocation to the three tiers of government for the month of October 2020.

Permanent Secretary in the Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed, chaired the meeting.

The Federal Government got N220.751 billion; states received N161.825 billion, 774 local government areas (N120.588 billion) and the oil producing states received N31.902 billion as 13 per cent derivation.

Revenue agencies benefiting from Cost of Collection/Transfer and Refunds got N48.939 billion.

A communique issued by the FAAC at the end of the meeting, showed that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 as N126.463 billion as against the N141.858 billion distributed in the preceding month. The amount represented a shortfall of N15.395 billion.

The distribution is as follows: Federal Government (17.642 billion), 36 states (N58.805 billion), 774 councils (N41.167 billion), agencies for Cost of Collection/Transfer and Refund (N5.059 billion) and Allocation to North-East Development Commission (NEDC) (N3.794 billion).