The Federal Government, States and Local Government Councils have shared a total of N647.353 billion from the Federation Account Revenue for January 2020.
This was disclosed in a statement on Wednesday by the Deputy Director, Press and Public Relations, Henshaw Ogubike.
READ ALSO: Ibadan-Ife-Ilesa Expressway: FG Begins Reconstruction Work
According to Mrs Ogubike, the Federation Account Allocation Committee (FAAC), in a meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse disbursed the funds to the three tiers of government.
FAAC confirmed that for the month of January 2020, there was a significant increase in Import Duty revenue while Companies Income Tax(CIT), Value Added Tax (VAT), Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded decreases.
It stated that from the total revenue of N647.353 billion, the Federal Government received N267.389 billion, the State Governments received N176.923 billion, and the Local Government Councils received N132.944 billion.
Study @ Achievers University
