FG, states, LGAs share N651bn as June 2020 allocation

FG, states, LGAs share N651bn as June 2020 allocation

- The federal government, state and local governments have shared N651bn as June allocation

- According to the FG, the government earned N696.184 billion

- Out of this, the sum of N45 billion was saved

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The Federation Accounts Allocation Committee (FAAC) has shared N651.18 billion Federation Account Revenue to the federal, states and local governments councils and relevant agencies for the month of June.

Henshaw Ogubike, Director Information, Press and Public Relations of FAAC announced the figures in a statement on Sunday in Abuja.

Ogubike said the monthly meeting, which held by virtual conferencing, was chaired by Accountant General of the Federation, Ahmed Idris.

He explained that the gross statutory revenue available in June was N524.52 billion while the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion.

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FG, states, LGAs share N651bn as June 2020 allocation
The federal government, state and local governments have shared N651bn as June allocation. Credit: Femi Adesina/Facebook
Source: Facebook

This brought the total revenue for the month to N696.18 billion.

The director said that from this total, the sum of N45 billion was saved in the excess non-oil revenue account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.

Recall that Legit.ng reported that President Muhammadu Buhari signed the N10.8 trillion revised 2020 budget into law.

Buhari signed the document at the council chamber of the presidential villa, in Abuja on Friday, July 10, according to Tolu Ogunlesi, his special assistant on digital/new media.

Legit.ng gathered that the president disclosed that the budget had to be revised because of the effect of coronavirus on the nation’s economy.

He said ministries, department and agencies will be given 15 % of their capital allocation by the end of the month.

Some top government officials who witnessed the signing include; Vice President Yemi Osinbajo, secretary to the government of the federation, Boss Mustapha, and the chief of staff to the president, Professor Ibrahim Gambari.

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In another report, FEC approved N2.3 trillion as a stimulus plan to support the Nigerian economy as the country continues to battle the novel coronavirus pandemic ravaging the global economy.

Legit.ng gathered that the funds were recommended by the Economic Sustainability Committee led by Vice President Yemi Osinbajo to ensure the country’s economy survives the impact of the pandemic.

Bashir Ahmad, a personal assistant to President Muhammadu Buhari on new media, disclosed this in a tweet on Wednesday, June 24.

The council's virtual meeting which was presided over by President Buhari considered and approved the stimulus plan.

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