FAAC: FG, States, LGs Share N636.1bn in April 2020

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

The Federation Account Allocation Committee (FAAC) disbursed the sum of N780.93bn to the three tiers of government in April 2020 from the revenue generated in March 2020.

The amount disbursed comprised of N478.18bn from the Statutory Account, N119.50bn from Excess Oil Revenue, N120.27bn from Valued Added Tax (VAT) and N62.98bn from Exchange Gain Differences.

Federal Government received a total of N264.33bn from the N780.93bn. States received a total of N181.49bn and Local governments received N135.95bn. The sum of N54.29bn was shared among the oil-producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.09bn, N10.20bn and N5.74bn respectively as cost of revenue collections.

- Advertisement -

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N202.94bn was disbursed to the FGN consolidated revenue account; N4.70bn shared as a share of derivation and ecology; N2.35bn as stabilization fund; N7.89bn for the development of natural resources; and N5.78bn to the Federal Capital Territory (FCT) Abuja.

- Advertisement -
FAAC: FG, States, LGs Share N636.1bn in April 2020 - Brand SpurFAAC: FG, States, LGs Share N636.1bn in April 2020 - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Read Also:  Airtel Africa Finalises Acquisition Of Additional Spectrum In Nigeria After Receiving NCC Approval
FAAC: FG, States, LGs Share N636.1bn in April 2020 - Brand SpurFAAC: FG, States, LGs Share N636.1bn in April 2020 - Brand Spur

Latest News

Heineken South Africa to Slash jobs due to Alcohol ban impact

Heineken has announced that it will cut 70 jobs and put investments on hold in South Africa, following the impact...

Gov. Fayemi Inaugurates Egbeja Snail Village In Okemesi Ekiti (Photos)

In line with the Ekiti State Government’s policy of encouraging private investments in the state, Governor, Dr. Kayode Fayemi, has inaugurated multi-billion naira Egbeja Snail...

Consumers Commend the Launch of Hollandia Slim Evaporated Milk

Consumers have extolled the qualities and health benefits of Hollandia Slim Evaporated Milk, barely three months after it was introduced into the Nigerian market...

Daimler AG’s Market Cap Jumped by €9B YoY, BMW and Volkswagen Group Down by €8bn

The COVID-19 crisis has had a severe impact on the German auto industry, causing massive revenue and market cap drops to companies operating in...

UEFA.com Fans’ Teams of the Year 2020 announced

Olympique Lyonnais and FC Bayern München players dominate fans’ vote After over a month of voting during which almost 6 million votes were cast, the...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FAAC: FG, States, LGs Share N636.1bn in April 2020 - Brand SpurFAAC: FG, States, LGs Share N636.1bn in April 2020 - Brand Spur