Business & Economy
FAAC: Federal Government, States, LGs Share N636.1bn In April 2020
The Federation Account Allocation Committee (FAAC) disbursed the sum of N780.93bn to Federal, State and Local Governments in April 2020 from the generated revenue in March 2020.
Brandnewsday reports that the amount disbursed comprise 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.
The news platform gathered that the Federal Government of Nigeria took a total of N264.33bn from the N780.93bn. Meanwhile, states received a total of N181.49bn and Local governments received N135.95bn. Also, the sum of N54.29bn was shared among the oil-producing states as 13% derivation fund.
FAAC Shares N636.1bn For Federal Government, States And Local Governments
Similarly, revenue-generating agencies -Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR)- shared N6.09bn, N10.20bn and N5.74bn respectively as cost of revenue collections for the month of May.
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.
NASS Loan Approval
In a similar vein, the House of Representative has approved the loan request by President Muhammadu Buhari, for the Federal Government to borrow foreign loans totalling $22.79bn.
The approval by the House was in concurrence with the Senate.
The $22.79bn loan was approved less than one week after President Buhari wrote to the National Assembly to request approval of fresh external borrowings totalling $5.513bn.
The president had, in his letter read in the Senate and House on Thursday, said the funds were for 2020 budget deficit, financing of critical projects and some states of the federation.
