Companies Income Tax
Federal, states, local governments share N651 billion revenue
The Federation Account Allocation Committee (FAAC) at the weekend shared a total of N651.184 billion as June 2020 allocation among the federal, states, local governments, and relevant agencies in the country. This is N103.877 million higher than the N547.309 billion shared for the month of May. A communiqué released by the FAAC after its monthly meeting at the weekend for the month of Julne 2020 which was held via virtual conferencing, put gross statutory revenue available at N524.526 billion. According to the communique, the meeting chaired by the Accountant General of the Federation, Ahmed Idris, put gross revenue from the Value Added Tax (VAT) at N128.826 billion while revenue from the Exchange Gain was N42.832 billion. This brought the total revenue for the month to N696.184 billion. F...
Federal, states, local government share N606 billion for April
The three tiers of government on Friday shared about N606.196 billion as federal allocation for April 2020. Details of the allocation were contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja. The meeting was presided by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse. The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Crude Oil Revenue. The breakdown of the allocations showed the federal government received about N169.831 billion, the states N86.140 billion, local government counc...
