Federation Account Allocation Committee in April, shared 656.602 billion naira between three tiers of Government.
Written by News Room on May 27, 2022
The Federation Account Allocation Committee (FAAC), in April, shared 656.602 billion naira between the Federal Government, states and local government councils.
This amount is however 68.969 billion naira lower than the 725.571 billion naira shared in the month of March.
This was contained in a communique issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022.
Report says that the drop in revenue for the month of April may not be unconnected with the lower Value Added Tax (VAT) collection for the month, which stood at 178.825 niara as against the 219.504 naira collected in March, which is a 40.679-billion-naira shortfall.
The 656.602-billion-naira total distributable revenue comprised distributable statutory revenue of 461.189 billion naira, distributable Value Added Tax (VAT) revenue of 166.522 billion naira, the sum of 8.891 billion naira being Excess Bank Charges Recovered and augmentation of 20.000 billion naira.