Nigeria shares N676.407bn to MDAs, States, LGs as Federation Allocation for July

Emmanuel Akosile | ConsumerConnect

The Federation Account Allocation Committee (FAAC) at its virtual meeting Wednesday, August 19 said it had shared N676.407 billion to the three tiers of government as the Federation Allocation for July 2020.

Dr. Mahmoud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, chaired the meeting.

Hassan Dodo, Director of Information in the Ministry of Finance, Budget and National Planning, in a statement said from this total amount, inclusive of Value Added Tax (VAT), the Federal Government received N273.189 billion, the states received N190.849 billion, the local government councils got N142.761 billion, while the oil producing states received N42.851 billion as derivation (13% of mineral revenue) and cost of collection/transfer and refund got N26.757 billion.

Likewise, the communiqué issued by FAAC at the end of the virtual meeting, indicated that the gross revenue available from VAT for July was N132.619 billion against N128.619 billion distributed in the preceding month of June, resulting in an increase of N3.793 billion.

The distribution is as follows: Federal Government got N18.500 billion, the states received N61.668 billion, local government councils got N43.168 billon, while cost of collection/ transfer and refund got N9.283 billion.