Home Business FG, States, LGs Share N619.343bn, Says FAAC

FG, States, LGs Share N619.343bn, Says FAAC

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

From this amount, the Federal Government received N218.297billion; states received N178.28billion; Local Government councils got N131.792billion; while the oil producing states received N31.827billion 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 N59.147billion.

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

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

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

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