June 2019 FAAC meeting ...FG, States, LGs share N679.69bn - aksu360

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June 2019 FAAC meeting ...FG, States, LGs share N679.69bn

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The Federal Account Allocation Committee (FAAC) has shared N679.69 billion among the Federal Government, States, and Local Government Councils as federal allocation.

A statement by Hassan Dodo, the Director, Information, Ministry of Finance, said the allocation was shared at FAAC’s joint session at the African House, Kano State.

According to him, it is inclusive of cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

He said the total revenue distributable for the month included Value Added Tax (VAT) of N106.82 billion and Exchange Gain of N1.14 billion. He said that the Federal Government received N284.16 billion, representing 52.68%, the states received N187.6 billion, representing 26.72% and LGCs got N140.99 billion, representing 20.60%. Oil producing states received N40.43 billion as 13% derivation revenue.

Mr Dodo, however, said that cost of collection/transfers/FIRS refund stood at N26.498 billion. The communiqué indicated that the gross revenue available from VAT was N10.34 billion more than the N96.48 billion distributed in April 2019.

It further disclosed that the distributed statutory gross revenue of N571.73 billion received for the month was higher than the N518.91 billion received in the previous month by N52.81 billion.

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