FG, States, LGAs share N671.9bn FAAC allocation for Oct

The Federal Government, States, and the 744 Local Government Areas in the country will share a total sum of N671.910 billion from the Federation Accounts Allocation Committee (FAAC) for the month of October.

This was made known in a statement by the Acting Director, Information, Ministry of Finance, Budget and National Planning, Mr Oshundun Olajide, on Thursday.

According to Olajide, the allocation was distributed at the FAAC meeting in Lagos at the end of the National Council on Finance and Economic Development (NACOFED) conference.

The statement explained that from the said amount, inclusive of Value Added Tax (VAT) augmentations, exchange gain, and non-oil mineral revenue, the Federal Government received N284.292 billion, states N209.838 billion and LGAs N156.282 billion.

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It added that oil-producing states received N21.498 billion as a 13 per cent derivation of mineral revenue.

According to the statement, a communiqué issued by FAAC at the end of the meeting indicated that the Gross Revenue available from the VAT for the month under review was N166.284 billion as against N170.850 billion distributed in September, resulting in a decrease of N4.566 billion.

“The distribution is as follows; Federal Government got N23.227 billion, states received N77.422 billion, LGCs got N54.195 billion, transfers and refunds received N4.789 billion, and cost of collection got N6.651 billion.

“The distributed statutory revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion.

“Of this, the Federal Government received N180.551 billion, states got N91.578 billion, LGCs got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion,” the statement stated.

The statement also said that the communiqué disclosed the augmentations of N100 billion as the Federal Government received N52.680 billion, states got N26.720 billion, LGCs N20.6 billion.

Also, a N50 billion windfall from non-oil revenue was shared as follows: Federal Government received N26.340 billion, states got N13.360 billion, and LGCs N10.3 billion.