The Federation Accounts Allocation Committee (FAAC) at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the Federal Government, States and Local Government Councils a sum total of six hundred and forty-seven-point-three five-three-billion naira as federal allocation for the month of January 2020.
Ekwi Ajide of our Abuja bureau reports that from this amount, inclusive of Gross Statutory, Value Added Tax, Exchange Gain difference, and distribution from non Mineral Revenue, the Federal Government received two hundred and sixty-seven billion point three-eight-nine billion naira while the States received one hundred and seventy-six-point-nine-two-three billion naira and the Local Government councils got one hundred and thirty-two point-nine four-four billion naira The oil producing states also received forty six billion naira as derivation that is thirteen percent Mineral Revenue.
In a communiqué issued by the Committee at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for January 2020 was ninety-seven-point-four-two-five billion naira as against the one hundred and six-point-seven-six-nine billion naira distributed in the preceding month of December 2019, resulting in a decrease of nine-point-three-four-four billion naira.
A statement by the Director of information for the Ministry, Hassan Dodo, said the distribution stood at the Federal Government getting fourteen-point-six-one-four billion naira and the States received forty-eight-point-six-one-seven-four billion naira Local Government Councils share stood at thirty-four-point-zero-zero-nine billion naira.
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