• Fri. Jul 19th, 2024

FAAC shares N604B, as Oil producing states get N31.9B

Nov 19, 2020

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The Federation Accounts Allocation Committee (FAAC) has shared a total of N604.004 billion October 2020 federation account revenue to the Federal, States, and Local Government Councils and agencies.

This was announced after the physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October held at the Federal Ministry of Finance headquarters, Abuja.

According to a statement issued on Wednesday by FAAC’s Director of Information, Hassan Dodo, the meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

“From this amount, inclusive cost of collection to NCS, DPR, and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while 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,” the statement partly read.

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