{"id":37624,"date":"2021-10-29T01:16:54","date_gmt":"2021-10-29T01:16:54","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=37624"},"modified":"2021-10-29T01:16:56","modified_gmt":"2021-10-29T01:16:56","slug":"federal-states-local-governments-share-n739-96bn","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/federal-states-local-governments-share-n739-96bn\/","title":{"rendered":"Federal, States, Local governments share N739.96bn"},"content":{"rendered":"<p>The Federation Accounts Allocation Committee (FAAC) has shared, to the three tiers of government, N739.965 billion as federation allocation for the month of September.<\/p>\n\n\n\n<p>According to a statement from Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Thursday, the meeting was held through a Virtual Conference.<\/p>\n\n\n\n<p>\u201cFrom the N739.965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal Government received N301.311 billion, the states received N220.272 billion, the LGCs got N164.176 billion.<\/p>\n\n\n\n<p>However, the oil producing states received N54.206 billion as derivation (13 per cent of Mineral Revenue).<\/p>\n\n\n\n<p>The communique issued indicated that the Gross Revenue available from VAT for September was N170.850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion. \u201cThe distribution is as follows; Federal Government got N23.864 billion, the States received N79.548 billion, Local Government Councils got N55.684 billion.<\/p>\n\n\n\n<p>\u201cThe distributed Statutory Revenue of N692.283 billion received for the month was higher than the N537.518 billion received in the previous month by N154.765 billion.<\/p>\n\n\n\n<p>\u201cFrom this amount, the Federal government received N276.008 billon, states got N139.995 billion, LGCs got N107.930 billion, and Derivation (13 per cent Mineral Revenue) got N53.831 billion.\u201d<\/p>\n\n\n\n<p>The communique further revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly, while Import Duty and VAT and Companies Income Tax (CIT), decreased marginally.<\/p>\n\n\n\n<p>It, however, disclosed that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N577.765 billion, VAT of N159.096 billion, and Exchange Gain of N3.104 billion.<\/p>\n\n\n\n<p>These brought the total distributable revenue to N739.965 billion.<\/p>\n\n\n\n<p>However, the balance of Excess Crude Account as at today stands at $60.860 million.<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-37624\" data-postid=\"37624\" class=\"themify_builder_content themify_builder_content-37624 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The Federation Accounts Allocation Committee (FAAC) has shared, to the three tiers of government, N739.965 billion as federation allocation for the month of September. According to a statement from Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Thursday, the meeting was held through a Virtual Conference. \u201cFrom the N739.965 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":37568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[245],"class_list":["post-37624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-allocation","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Federal, States, Local governments share N739.96bn - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/federal-states-local-governments-share-n739-96bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal, States, Local governments share N739.96bn - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Federation Accounts Allocation Committee (FAAC) has shared, to the three tiers of government, N739.965 billion as federation allocation for the month of September. 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