FAAC disburses N619.343bn to FG, states LGs

FAAC disburses N619.343bn to FG, states LGs

The Federation Accounts Allocation Committee (FAAC) on Wednesday at its virtual meeting shared a total sum of N619.343 billion as federation allocation for the month of December 2020 to the three tiers of government.

From this amount, the Federal Government received N218.297 billion; states received N178.28 billion; Local Government councils got N131.792 billion; while the oil producing states received N31.827 billion as 13 per cent derivation of mineral revenue.

A statement issued in Abuja by the spokesperson of the Federal Ministry of Finance, Budget and National Planning, Hassan Dodo, also stated that the cost of collection/transfer and refunds gulped N59.147 billion.

Revenue available from the Value Added Tax (TAX) for was N171.358 billion as against N158.785 billion distributed in the preceding month.

The distributed statutory revenue of N437.256 billion received for the month was higher than the N436.457 billion received for the previous month by N0.799 billion.

From this, the Federal Government received N189.451 billion, states got N96.092 billion and local government councils got N74.083 billion.