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HomeEconomyFG, States, LGs Share N694bn For September - FAAC

FG, States, LGs Share N694bn For September – FAAC

The federal, states and local governments in the country shared a total of N693.529 billion as revenue from the Federation Account for the m September, the Federation Account Allocation Committee (FAAC) said in Thursday.
The amount comprised of revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue.

The Committee, in a communique after its meeting in Abuja, also announced that as at October 17, the balance in the Excess Crude Account was $323.692million.

The FAAC meeting, which was chaired by the Accountant General of the Federation (AGF) Ahmed Idris, confirmed that from the total revenue of N693.529 billion, the Federal Government received N293.801 billion, the states received N186.816 billion and the local government councils received N140.864 billion.

N51.532 billion also went to oil- producing states as 13 percent derivation revenue and while Revenue Generating Agencies received N20.517 billion as cost of revenue collection.

The communique further stated that the gross statutory revenue for September was N599.701billion, recording a shortfall of N32.095 billion when compared to the N631.796billion received in the previous month.

For September, gross revenue of N92.874 billion was available from VAT as against N88.082 billion distributed in the preceding month, resulting in an increase of N4.792 billion. Exchange Gain yielded total revenue of N0.954 billion.
The communique further showed that the federal government got N279.985 billion from the the gross statutory revenue of N599.701 billion, while states and local governments received N142.012 billion, and N109.485 billion. Oil Producing State got N51.417 billion as 13% derivation revenue and the Revenue Collecting Agencies received N16.802 billion as cost of collection.PT


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