January 2020 FAAC meeting ...FG, States, LGs share N716bn - aksu360

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January 2020 FAAC meeting ...FG, States, LGs share N716bn

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The Federation Accounts Allocation Committee (FAAC) has shared N716.298 billion to the three tiers of government for the month of December 2019. This was disclosed by the Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse in Abuja.

Dutse explained that the amount shared comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue. He said the Federal Government received N287.929 billion, the State Governments got N191.302 billion, and the Local Government Councils received N143.698 billion.

He added that the Oil Producing States received N50.279 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N43.089 billion as cost of revenue collection.


He said the gross statutory revenue for the month of December 2019 was N600.314 billion, adding that it was higher than the N491.875 billion received in the previous month by N108.439 billion.

The permanent secretary stated that the gross revenue available from VAT was N114.805 billion as against N90.166 billion distributed in the previous month resulting in an increase of N24.639 billion. 

Dutse disclosed that there was increase in the revenue from FIRS, especially from the non oil revenue, which he said was about 48% increase.

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