Federation Accounts Allocation Committee (FAAC) has shared a total of six hundred and forty seven point three five three billion to the three tiers of government for the month of January 2020.
Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse who announced this at the FAAC meeting Wednesday in Lagos said that the total allocation comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.I
sa -Dutse added that As at nineteen of February 2020 the balance in the Excess Crude Account (ECA) drop from three hundred and twenty four point nine six eight million dollars as at January twenty – twenty to seventy one point eight one four million dollars.
The accountant General of the federation Ahmed Idris said the impact of the increase in value added tax VAT from five percent to seven point five percent will be felt in the next revenue allocation.
The gross revenue available from the value added tax was one hundred and four point seven five email got billion naira as against in hundred and fourteen point eight zero five billion naira distributed the preceding month.