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Revenue Allocation: FG, states, LGAs share N736.7bn for October

The federal, states and local councils shared an all out amount of N736.7 billion as income distribution for October.

The Director of Information/Press, Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete, revealed this in a report’ issued towards the finish of the Federation Account Allocation Committee (FAAC) meeting on Wednesday in Abuja.

The N736.7 billion incorporate the Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and expansion from non-oil income.

The federal government received N293.955 billion, the states got N239.512 billion and the local councils collected N177.086 billion.

The oil-producing states received N26.228 billion as derivation (13 percent of mineral revenue).

The Gross Revenue available from Value Added Tax (VAT) for October was N213.283 billion.

The communiqué read, “The distribution is as follows; Federal Government got N31.992 billion, the states received N106.642 billion, Local Government Councils got N74.649 billion.

“The Gross Statutory Revenue of N417.724 billion distributed is lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion.

“States got N104.778 billion, LGCs got N80.779 billion, and oil derivation (13 percent mineral revenue) got N25.591 billion.

“Also, N70 billion augmentation was distributed to the three tiers of government as follows; the Federal Government received N36.876 billion, states got N18.704 billion, and Local Government Councils received N14.420 billion.

“In addition, another extra N30 billion augmentation from non-oil revenue was distributed as follows, Federal Government received N15.804 billion, the states got N8.016 billion, while the Local Government Councils received N6.180 billion.”

The balance in the Excess Crude Account (ECA) stood at $472.5 million as of Wednesday.