The Federation Accounts Allocation Committee, FAAC
has shared a total sum of six hundred and eighty-two point
zero-six-zero billion naira as federation allocation for the month of
August 2020 to the three tiers of government.
Ekwi Ajide of our Abuja bureau reports that the money was shared
during FAAC virtual meeting, chaired by the Permanent Secretary,
Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud
Isa- Dutse.
The Federal Government received two hundred and seventy-two
point-nine-zero-five billion naira, states received one hundred and
ninety-seven point-six-four-eight billion naira, Local Government
councils got one hundred and forty-seven point-four-two-two billion
naira, while the oil producing states received thirty
point-eight-eight-one billion naira as derivation.
A release signed by the Director Information of the ministry, Mr.
Hassan Dodo stated that a communiqué issued by FAAC at the end of the
meeting, indicated that the Gross Revenue available from the Value
Added Tax for August, 2020 was one hundred and fifty
point-two-three-zero billion naira as against one hundred and
thirty-two point-six-one-nine billion naira distributed in the
preceding month of July, 2020, resulting in an increase of seventeen
point-six-one-one billion naira.
The communiqué also revealed that Oil and Gas Royalty, Companies
Income Tax, Import Duty, Excise Duty and Value Added Tax increased
considerably, while Petroleum Profit Tax decreased significantly.
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