FAAC

Written by on April 23, 2020


The Federation Accounts Allocation Committee has shared a total
of five hundred and eighty-one billion Naira for February 2020
Federation Account Revenue to the Federal, States and Local
Governments in the country.
This was announced after a rescheduled meeting of the
The committee in Abuja, yesterday.
The five hundred and eighty-one billion Naira comprised Statutorily
Revenue, Value Added Tax, Exchange Gain and revenue from
Forex Equalization Account.
It was announced that the balance in the Excess Crude Account
stood at seventy-two point two million Dollars, with gross
statutory revenue of four hundred and sixty-six billion Naira for
last month, which is lower than five hundred and twenty-five
billion Naira received in January.
For the month of February 2020, the gross revenue available
from the Value Added Tax was ninety-nine billion Naira against
one hundred and four billion Naira in the previous month,
resulting in a decrease of five point two billion Naira.
A communique issued by the Federation Account Allocation
Committee indicates that from the total revenue of five hundred
and eighty-one billion Naira, the Federal Government received
one hundred and nineteen billion Naira.
The oil-producing States received forty-five point three billion Naira as
thirteen percent derivation revenue and the Revenue Generating
Agencies received twenty-one billion Naira as cost of revenue
collection.


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