The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Featured

FG, States, LGs Share N604.004bn In October

Next Edition by Next Edition
November 19, 2020
in Featured
Governors, Others Identify Three Insurgents’ Strongholds In North East

President Muhammadu Buhari at a meeting with the north-east governors and others in Abuja on August 10, 2020

0
SHARES
1
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The three tiers of governments in October shared N604.004bn as federation allocation revenue.

This was disclosed by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed after chairing the Federation Accounts Allocation Committee meeting on Wednesday.

You might also like

Benue Killings: Tinubu Orders Decisive Action, Tasks Alia On Reconciliation

NECO Conducts Common Entrance Exams For 64,000 Candidates

I Have No Regret Naming International Conference Centre After Tinubu – Wike

From the amount, which included cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, while the Local Government councils got N120.588 billion.

The oil producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion.

READ ALSO: Military Destroys Bandits’ Camps On Kaduna-Abuja Highway

The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, showed that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion as against N141.858 billion distributed in September, 2020, indicating a decrease of N15.395 billion.

The distribution is as follows; Federal Government got N17.642 billion, the States received N58.805 billion, Local Government Councils got N41.167 billion, while Cost of Collection/Transfer and Refund got N5.059 billion and Allocation to NEDC project received N3.794 billion.

The distributed Statutory Revenue of N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal government received N166.195 billon, States got N84.296 billion, LGCs got N64.989 billion, Derivation (13% Mineral Revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 billion.

The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) according to the communiqué recorded decreases.

The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex Equalization and FGN Intervention respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to N604.004 billion.

The balance in the Excess Crude Account as at 18th November 2020 stands at $72.409 million.

Tags: Aliyu AhmedFederal GovernmentFederation Accounts Allocation Committeefinance ministerNational Budgetnational TreasuryNigeria’s economyPresident Muhammadu BuhariProbe Of Federal AllocationsStakeholderState GovernmentTreasury looting
Next Edition

Next Edition

Recommended For You

Benue Killings: Tinubu Orders Decisive Action, Tasks Alia On Reconciliation

President Bola Tinubu on Sunday directed security chiefs to implement his earlier directive to bring peace and security to Benue State. He also charged the Governor of Benue...

NECO: Group Hails Buhari On Prof. Obioma’s Appointment

NECO Conducts Common Entrance Exams For 64,000 Candidates

No fewer than 64,000 candidates from Nigeria, Benin Republic and Togo on Saturday participated in the National Common Entrance Examination (NCEE) for admission into Federal Government Colleges. The...

2020: Rivers Designed for Greater Heights

I Have No Regret Naming International Conference Centre After Tinubu – Wike

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says he has no regret naming Abuja International Conference Centre after President Bola Tinubu. Wike said this...

Northern Group Seeks Senators’ Support For Akpabio

Ignore Critics Who Call Us Rubber-Stamp Lawmakers, Akapbio Tells Colleagues

    President of the Senate, Godswill Akpabio, has called on his colleagues to ignore critics who have described the 10th National Assembly as rubber stamp. Akpabio, who...

Next Post
Lawyer Petitions Buratai Over Sack Of Female Soldier Raped By 5 Bandits

Lekki Shooting: Buratai Replies CNN, Says “We Followed Rules Of Engagement”




Related News

Dabiri-Erewa Tasks US Tovt on killing of Nigerian-American Salau

Emdee Tiamiyu: Abike-Dabiri Tells Arise TV CEO To Caution Staff

Nigerian Army smashes criminals in Benin

Nigerian Army smashes criminals in Benin

‘A Dream Come True,’ Yemi Alade To Perform At AFCON 2023

‘A Dream Come True,’ Yemi Alade To Perform At AFCON 2023




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited