FAAC shares N604.004 to federal, states, councils

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ADZ

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

 

The Permanent Secretary Federal Ministry of Finance, Budget, and National Planning,  Aliyu Ahmed made this known after the monthly meeting in Abuja.

 

he said Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) recorded decreases.

 

Aliyu maintains that the Federal Government got N220.751 billion.

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States received N161.825 billion, 774 local government areas (N120.588 billion).

 

the oil-producing states received N31.902 billion as 13 percent derivation.

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

ADM

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