Federation Account: FG, States, LGs Share N647.35bn For January
The Federal Government, States and Local Government Councils have shared a total of N647.353 billion from the Federation Account Revenue for January 2020.
According to Mrs Ogubike, the Federation Account Allocation Committee , in a meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse disbursed the funds to the three tiers of government. The statement read in part that the “N647.353 billion comprised Statutory Revenue, Value Added Tax , Exchange Gain, Non-Oil Revenue and Excess Bank Charges recovered.”Oil Producing States received N46.197 billion as 13% derivation revenue and the Revenue Generating Agencies received N23.900 billion as cost of revenue collection.
Also, the Oil Producing States received N46.074 billion as 13% derivation revenue and the Revenue Collecting Agencies received N16.567 billion as cost of collection.
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