FG, states, LGAs share N639.9bn in September - FAAC 1

FG, states, LGAs share N639.9bn in September – FAAC

The Federal, states and local government councils on Thursday shared a total of N639.9billion as revenue allocation for September.

The Federation Accounts Allocation Committee (FAAC) announced this at the end of its meeting presided over by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, in Abuja.

The ₦639.901billion comprised statutory revenue of ₦341.501billion, Value Added Tax revenue of ₦141.858billion and ₦39.542bn from foreign exchange equalisation.

Others include ₦45billion from non-oil excess revenue and ₦72billion federal government’s intervention revenue.

In a communiqué issued by the committee, the federal government received ₦255.748billion, state governments got ₦185.645billion, while the LGAs received ₦138.444billion.

A total of ₦36.188billion was disbursed to oil mineral producing states as 13 percent derivation, while the cost of collection and transfers gulped ₦23.876billion.

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