FG, States, LGs Share N651bn Revenue via thisdaylive
The Federation Account Allocation Committee at the weekend shared a total of N651.184 billion as June 2020 allocation among the federal, states, local governments, and relevant agencies in the country.A communiqué released by the FAAC after its monthly meeting at the weekend for the month of Julne 2020 which was held via virtual conferencing, put gross statutory revenue available at N524.526 billion.
According to the communique, the meeting chaired by the Accountant General of the Federation, Ahmed Idris put gross revenue from the Value Added Tax at N128.826 billion while revenue from the Exchange Gain was N42.832 billion. This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.
Yhe breakdown shows that the federal government received N227.584 billion from the gross statutory revenue, states received N115.434 billion and the local government councils received N88.995 billion.Similarly, the federal government received N17.971 billion from Value Added Tax revenue, state governments received N59.904 billion, local government councils , while the revenue/relevant agencies received N5.153 billion as cost of collection.
It added that in the month of June 2020, import and excise duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declining.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FG, States, LGAs Share N651bn As June 2020 AllocationFG, States, LGAs Share N651bn As June 2020 Allocation
Read more »
Excess oil revenue savings rise to $72m as FAAC shares N651.18bn in JuneThe federal government received N266.131 billion while state governments got N185.774 billion.
Read more »
FG, UN Launch World Population Report, Harp On Rights Of Women, GirlsMost Influential Newspaper in Nigeria
Read more »
COVID-19: FG Gives Guidelines To School Owners For ReopeningCOVID-19: FG Gives Guidelines To School Owners For Reopening
Read more »