FAAC SHARES N701 BILLION NAIRA TO THE THREE TIERS OF GOVERNMENT

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The Federation Account Allocation Committee-FAAC has shared the sum of 701.022 billion naira to the three tiers of Government for the month of April, 2018.

The gross revenue available from the Value Added Tax was 87.965 billion naira as against 83.700 billion distributed in preceding month resulting in an increase of 4.265 billion naira.

Permanent Secretary, Ministry of Finance, Muhmod Isah – Dutse who addressed newsmen after the meeting disclosed that the gross statutory revenue of 613.057 billion received for the month is higher than the 480.599 billion received in the previous month by 132.458 billion.

Finance Correspondent, Linda Ike reports that the excess crude account stands at 1.911 billion dollars, adding that there is an increased revenue from federation crude oil export sales by $226.90 million.

Isah- Dutse further revealed that Federal Government received an additional sum of N11.269 billion naira from Nigerian National Petroleum Corporation.

He however explained that the out of the total allocation, Federal government received 276.535 billion, States government got 140.262 billion and Local Government councils were given 108.136 billon, while oil derivation States got 49.756 billion.

In the meantime, the Chairman Governor’s Forum, Muhmud Yunusa noted the improvement in the figures, stating that FAAC is about crossing seven billion naira mark to one trillion .

He held that states and local government councils should have more revenue to enable them work diligently.

It was therefore proposed that the next Federation Allocation Account Committee meeting would be 21st and 22nd June, 2018.

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