FAAC revenue shrinks by N52.1 billion in April

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Accountant-General of the Federation, Ahmed Idris

The Federation Account Allocation Committee (FAAC) on Tuesday shared N415.7 billion, which is N52.1 billion less than what the three tiers of government shared as revenue for March.

The Accountant-General, Mr Ahmed Idris, who represented the Minister of Finance, Mrs Kemi Adeosun, told journalists in Abuja that the N415.7 billion was distributed under four sub-heads.

“The distributable revenue for the month is N272.1 billion. The sum of N6.33 billion was refunded by NNPC. There is also a proposed distribution of N20.42 billion from the excess Petroleum Profit Tax.

“Also, exchange gain of N38.5 billion is proposed for distribution. Therefore, the total revenue distributable for the current month, including VAT of N81.2 billion is N415.7 billion”, she said.

Adeosun said government generated N177.7 billion as mineral revenue,…

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