FAAC Shares N604 Bn Oct Allocation between FG, States, LGAs

FAAC Shares N604 Bn Oct Allocation between FG, States, LGAs

The Federal Ministry of Finance has disclosed that a sum of N604 billion has been shared between the three tiers of government as the allocation for the month of October.

Nigeria News World gathered that the N604.004 billion shared included the cost of collection to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR), and Federal Inland Revenue Service (FIRS).

A further breakdown of the sharing of the allocation disclosed that the Federal Government received N220.751 billion, while the States received N161.825 billion, and the Local Government Councils (LGCs) got N120.588 billion.

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Furthermore, Oil-producing states received 13% of mineral revenue which sumed N31.902 billion as derivation, while the cost of collection/transfer and refunds got N48.939 billion.

Similarly, the Federation Accounts Allocation Committee disclosed that gross revenue available from the Value Added Tax (VAT) for October was N126.463 billion.

This was against N141.858 billion distributed in the preceding month of September, resulting in a decrease of N15.395 billion.

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