FAAC shares ₦581.566bn in February
by Alao Abiodun 1 hour ago

By Nduka Chiejina (Assistant Editor)
The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion February 2020 Federation Account Revenue to the Federal, States and Local Governments.

The money was shared after a rescheduled meeting of the Federation Account Allocation Committee (FAAC) in Abuja.


The meeting lasted just two hours.

The ₦581.566 billion comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account.

It was announced that the balance in the Excess Crude Account (ECA) now stands at $72.221 million.

The gross statutory revenue for the month of February 2020 was ₦466.058 billion.

This was lower than the ₦525.253 billion received in January 2020 by ₦59.195 billion.

Read Also: FAAC shared N8.15tr to Fed Govt, states, LGA in 2019
For the month of February 2020, the gross revenue available from the Value Added Tax (VAT) was ₦99.552 billion as against ₦104.758 billion in the previous month, resulting in a decrease of ₦5.206 billion.

Exchange Gain yielded a total revenue of ₦0.757 billion, and revenue from Forex Equalization Account was ₦15.199 billion.

A communique by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of ₦581.566 billion, the Federal Government received ₦236.118 billion, the State Governments received ₦159.010 billion, and the Local Government Councils received ₦119.305 billion.

The Oil Producing States received ₦45.310 billion as 13% derivation revenue and the Revenue Generating Agencies received ₦21.822 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of ₦466.058 billion, the Federal Government received ₦214.915 billion, the State Governments received ₦109.008 billion and the Local Government Councils received ₦84.040 billion. The Oil Producing States received ₦43.242 billion as 13% derivation revenue and the Revenue Generating Agencies received ₦14.853 billion as cost of collection.

From the Value Added Tax (VAT) revenue of ₦99.552 billion, the Federal Government received ₦13.888 billion, the State Governments received ₦46.292 billion, the Local Government Councils received ₦32.404 billion and the Revenue Generating Agencies received ₦6.969 billion as cost of revenue collection.

The Exchange Gain revenue was ₦0.757 billion and the Federal Government received ₦0.350 billion, the State Governments received ₦0.178 billion, the Local Government Councils received ₦0.137 billion and the Oil Producing States received ₦0.092 billion.

The Forex Equalization Account revenue was ₦15.199 billion. The Federal Government received ₦6.966 billion, the State Governments received ₦3.533 billion, the Local Government Councils received ₦2.724 billion and the Oil Producing States received ₦1.976 billion

The communique confirmed that in the month of February 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial decreases.

https://thenationonlineng.net/faac-shares-%e2%82%a6581-566bn-in-february/amp/

Hmmmm

Ok. It is noted.
The shared allocation should be put into effective use so as to better the life of the citizenry, especially at this challenging period of Covid-19.

Una still dey share?

No direct sharing to their citizens even at this covid-19 hard times. The governors are living large in their States while their poor pepo hail dem like Kings.

Better they find alterntive

In all of these bad situations ranging from drop in crude prices and the coronavirus, they still had such amount to share. Thank God for buhari. If it was the PDP era, they would have used all the present situation as excuse, and simply tell the States and local governments to go home that there is nothing to share.

Damnnnnn niggarrr

Isoright

They should share every individual in this Country because of this Pandemic.

Hmmm... You guys should continue.
Abba Kyari has gotten his

She refused bleaching her skin for a month now, I asked her why, she said that CORONA VIRUS only kills white people

See money

nurex01:
They should share every individual in this Country because of this Pandemic.

Share us? To who? And why?

After thorough consideration
I've decided that there will not be Easter celebration this year

Also , I will advise the Saudi prince to cancel the annual Muslim fasting

This is the only way to curb and and end the spread of coronaVirus

Also we have to embrace science and technology in this period because it is practical.

I am Emmanuel Macron

Any sane citizen will hold their Governors and LG chairmen responsible for most hardship they are going through.

They all get BILLIONS of NAIRA every month and over 70% of them has nothing to show for it.

But since these governors know that they have so many illiterates and the ones who know the truth but just love deceiving themselves, they governed and all blames go to the FG they keep looting the money and buy mansions overseas with loaded foreign bank accounts in hard currencies!

They know even if they don't give them basic amenities like drinking water or construct the roads that lead to their various houses, it is Buhari Buhari ooo they will be shouting and wailing on.

Illiteracy is not only a disease, it is something worse.
Most Nigerians need to be enlightened, but the question is will these rogues governing them allow their eyes to be opened?

The Oil Producing States received ₦45.310 billion as 13% derivation revenue and the Revenue Generating Agencies received ₦21.822 billion as cost of revenue collection.

It makes it more sad that the oil producing states that take home the highest revenues have the worst economy!

dukeprince50:


Rivers state, who did we offend to have such a curse as a governor?
I was at Rumuokoro yesterday and I saw how the place is but just check Choba, near the emporium, pot holes is killing us, the deepness of that potholes might cause tanker to fall onedat and that is a road that tanker drives everytime.

Such a useless governor.
He should not be nepotic and care about the lives of everyone in his state.

This post by dukeprince50 confirms our post above.
Can you imagine 'the state of the state' (no pun intended!) with all the BILLIONS collected on a monthly basis?!
Who do Nigerians offend

dukeprince50:
I dislike it when people mention me on matters concerning Nigeria, they(federal, state and local govt) will share money today, the foolish governor they collectively voted for will squander the money and then we will all blame PMB for our stupidity. And if you speak, their useless online bodyguards will call u names.
Abeg no deh mention me for Nigerian matter again.

Noted Prince.
We know how you feel.
Sigh!!

nurex01:
They should share every individual in this Country because of this Pandemic.

*NIGERIAN GOVERNMENT SWINGS INTO ACTION!*

*All* Nigrian Citizens are Entitled to 8500 per week *to stay* *at* *Home* in a bid to control the spreed of COVID 19.

*. The government grant is available to everyone starting From Monday 23 March 2020.*

CLICK TO APPLY ==> https:///GOVT_COVID_19_GRANT

This hoax is already trending on WhatsApp

Na wa o......I think na for us o.....

yimu
as if you don't know the country you're in

Lanre4uonly:
Ok. It is noted.
The shared allocation should be put into effective use so as to better the life of the citizenry, especially at this challenging period of Covid-19.

The money realized in February is much more than that of January... Tax, VAT included though.

The money they'll realize this march will be a bit lower than the one of February and will be higher than that of January

Buhari tnk u ooo...
U av proved 2 us dat anybody wey reach der mak e chop him own.

last month na Cars una buy now nw allocation una dey share.

y dix Corona no fit go open office 4 aso rock sef?

Governors living large. The useless wailers and Igbos are online bashing Buhari instead of holding there govs.

What efforts are the SE Govs putting to combat the CONVID _ 19

You see the Igbos pigs and idiots wailing and bashing the FG here on whatever good steps taken.

No pig will hold the gov to intensify efforts to combat the pandemic.

Useless Igbos pigs and idiots.

I urge the FG to order everybody in the SE to be quarantined immediately.

Declare a 24hrs curfew in the SE otherwise they will spread the virus to other states.

No single CONVID _ 19 Centre in the SE yet they online bashing any good moves taken by the FG.

Useless pigs and idiotic Igbos

U nor get Sense

contigiency:
In all of these bad situations ranging from drop in crude prices and the coronavirus, they still had such amount to share. Thank God for buhari. If it was the PDP era, they would have used all the present situation as excuse, and simply tell the States and local governments to go home that there is nothing to share.

NCDC calls on all Nigerians to take responsibility by staying at home. My question is, how do you expect the citizens to take responsibility when Nigerian govt has not? What would you tell families that depend on daily earnings for feeding to do? Or do you want them to go hungry and possibly die even before the COVIKK-1-9 itself gets to them?

Government should do the needful now before it becomes too late. Provide food/money let the masses self Isolate.

This is really a bad time to bring this issue because is incrutable for some people to understand how serious this covic-19 issue is right now.only God can help us with this outbreak

Ewu



quote author=Cherrybae post=87712334]Governors living large. The useless wailers and Igbos are online bashing Buhari instead of holding there govs.

What efforts are the SE Govs putting to combat the CONVID _ 19

You see the Igbos pigs and idiots wailing and bashing the FG here on whatever good steps taken.

No pig will hold the gov to intensify efforts to combat the pandemic.

Useless Igbos pigs and idiots.

I urge the FG to order everybody in the SE to be quarantined immediately.

Declare a 24hrs curfew in the SE otherwise they will spread the virus to other states.

No single CONVID _ 19 Centre in the SE yet they online bashing any good moves taken by the FG.

Useless pigs and idiotic Igbos[/quote]

Government of sharing money.

One day, e go red for una.

With no money to share again.

Everybody go answer their papa name

contigiency:
In all of these bad situations ranging from drop in crude prices and the coronavirus, they still had such amount to share. Thank God for buhari. If it was the PDP era, they would have used all the present situation as excuse, and simply tell the States and local governments to go home that there is nothing to share.

U r a wailer

Efcc should bring there own revenue