FG, States LGCs share N647.353bn allocation for month of Jan.

EHIME ALEX, Lagos 

The Federation Accounts Allocation Committee (FAAC) has shared to the Federal Government, States and Local Government Councils a sum total of N647.353 billion as federal allocations for the month of January 2020.

This was disclosed in a statement by Hassan Dodo, Director of Information, Ministry of Finance, following a meeting on Wednesday in Lagos chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

According to the statement, from the amount, inclusive of Gross Statutory, Value Added Tax (VAT), Exchange Gain difference, and distribution from non-Mineral Revenue, the Federal Government received N267.389 billon, the States received N176.923 billion, Local Government councils got N132.944 billion, while the oil producing states received N46 billion or 13 per cent mineral revenue as derivation.

It however put the cost of collection/FIRS, and NCS Refund/Allocation to NEDC at N23.900 billion.

It noted that a communique issued by FAAC at the end of the meeting, indicated that the Gross Revenue available from the VAT for the review month stood at N97.425 billion as against the N106.769 billion distributed in the preceding month of December 2019, resulting in a decrease of N9.344 billion.

The distribution was explained as follows: Federal Government got N14.614 billion, the States received N48.6174 billion, Local Government Councils got N34.009 billon.

It further stated that the distributed Statutory Revenue of N508.686 billion, as indicated in the communique received for the month was lower than the N565.261 billion received in the previous month by N56.575 billion, which was also distributed as follows; Federal Government received N243.704 billion, States received N123.610, Local Government Councils got N95.298 billion while oil producing states derivation received N46.074 billon.

It disclosed also that the total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS), the committee put at N647.353 billion, adding that as at February 19th, 2020, the Excess Crude Account (ECA) stood at $71.814million.