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

Must Read

Countries With The Highest Number Of Billionaires! See Nigeria’s Position!

These days, when new business opportunities are appearing every day, there is no shortage of billionaires around the world....

List of Guaranty Trust Bank 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...

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...

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

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.

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:  Taraba Education Sector Gets Free e-Learning Portal from Governor’s Wife
FAAC: FG, States, LGs Share N636.1bn in April 2020FAAC: FG, States, LGs Share N636.1bn in April 2020

Latest News

FGN Bond Yields Moderate for Most Maturities Tracked on Sustained Demand Pressure

In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated further for...

FG Signs N10.8trn Budget amid Threats of Revenue Shortfall…

President Muhammadu Buhari on Friday, July 10, 2020, signed the revised N10.8 trillion 2020 national budget into law. A breakdown of the spending plan...

Naira Loses Against USD as CBN Devalues Official Rate to N381/USD

In the just concluded week, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.13% to close at...

MoneyGram Digital Growth Maintains Strong Momentum and Market Expansion Continues

The Company achieved 106% year-over-year digital transaction growth in June driven by strong demand for the mobile app, high customer retention rates, and continued...

Puratos opens 4 new subsidiaries in Nigeria, Kenya, Ivory Coast and Ethiopia

The global provider of solutions for bakery, patisserie and chocolate, Puratos has opened four new African subsidiaries. The company aims to further establish a...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FAAC: FG, States, LGs Share N636.1bn in April 2020FAAC: FG, States, LGs Share N636.1bn in April 2020