Joint Account Allocation Committee, JAAC, of the Federal Capital Territory Administration, FCTA, over the weekend confirmed the receipt of N2.3 billion from the Federal Account Allocation Committee, FAAC, for the month of June 2014, for onward distribution to the six area councils in the FCT after relevant deductions have been made.
The committee noted that, statutory revenue allocation for the month of June, 2014 was N964 million, Value Added Tax was N982.2 million, SURE-P funds for the month stood at N57.8 million while special release was N298.8 million, totaling N2. 3billion.
Out of the amount, the total of N878.7 million was the net distribution to the area councils, this was after a series of deductions for distribution to other stakeholders were made.
According to the Director of FCT Treasury, Mr. Ibrahim Mohammed Bomai, who signed the document said that the distribution was in accordance with existing laws and status of the revenue sharing formula in Nigeria.
A copy of the analysis of the distribution which was obtained by Nigerian Pilot showed that Abuja Municipal Area Council, AMAC, got the highest share as usual while the Abaji Area Council got the lowest share of the fund.
A breakdown of the distribution to the six area council showed that AMAC got N203.5 million; Bwari Area Council N149.6 million; Gwagwalada Area Council N146.3 millio; Kuje Area Council N131.8 million; Kwali Area Council N130.8 million; and Abaji Area Council N113.6 million.
↧
FCT gets N2.3bn from FAAC in June
↧