The Federal Government announced yesterday, at the Federation Account Allocation committee (FAAC) meeting, Abuja, that N299.74 billion was split between the Federal ,the States and Local Governments for the month of April.
The N232.819 billion gross statutory revenue declared at the meeting, shows a decrease by N30.880 billion from N270.499 billion recorded in March, while a total of N64 billion was gotten from VAT.
Permanent Secretary of the Ministry of Finance, Alhaji Mahmoud Duste, while presiding over the meeting faulted the global fall in oil price for the declining total revenue made in the country.
The Federal Govt. was allotted N109.113 billion and N9.250 billion from the statutory allocation and VAT respectively , the states got N56 billion, while the local governments received N44.1 billion, nine oil producing states 13% oil derivation revenue, amounting to N19.75
The state governors` earlier request, that the federal government stop its decision to reduce their monthly allocation was granted, as State Finance Commissioners were displeased at the allocations gotten, saying that the funds would not enable them carry out their financial duties for the month.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.