The Federation Account Allocation Committee (FAAC) has shared N736.782 billion to the three tiers of government as Federation Allocation for the month of October.<\/p>\n\n\n\n
This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, Director (Information\/Press), Ministry of Finance, Budget and National Planning on Wednesday.<\/p>\n\n\n\n
The N736.782 billion is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from non-oil revenue.<\/p>\n\n\n\n
The Federal Government received N293.955 billion, the states received N239.512 billion, and the LGCs got N177.086 billion.<\/p>\n\n\n\n
Meanwhile, the oil producing states received N26.228 billion as derivation (13 per cent of mineral revenue).<\/p>\n\n\n\n
The communiqu\u00e9 issued indicated that the Gross Revenue available from VAT for October was N213.283 billion which was an increase as against what was distributed in the preceding month.<\/p>\n\n\n\n
\u201cThe distribution is as follows; Federal Government got N31.992 billion, the states received N106.642 billion, Local Government Councils got N74.649 billion.<\/p>\n\n\n\n
\u201cThe Gross Statutory Revenue of N417.724 billion distributed is lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion.<\/p>\n\n\n\n
\u201cSstates got N104.778 billion, LGCs got N80.779 billion, and oil derivation (13 per cent mineral revenue) got N25.591 billion.<\/p>\n\n\n\n
\u201cAlso, N70 billion Augmentation was distributed to the three tiers of government as follows; the Federal Government received N36.876 billion, states got N18.704 billion, Local Government Councils received N14.420 billion.<\/p>\n\n\n\n
\u201cIn addition, another extra N30 billion Augmentation from non-oil revenue was distributed as follows, Federal Government received N15.804 billion, the states got N8.016 billion, while the Local Government Councils received N6.180 billion.\u201d<\/p>\n\n\n\n
It was also noted that the sum of N5.775 billion from Exchange Gain was shared.<\/p>\n\n\n\n
Out of the N5.775 billion, the Federal Government received N2.707 billion, and the states got N1.373 billion.<\/p>\n\n\n\n
The LGCs also received N1.058 billion and Derivation (13 per cent of mineral revenue) got N0.637 billion.<\/p>\n\n\n\n
It also said that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases.<\/p>\n\n\n\n
Meanwhile, VAT, and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.<\/p>\n\n\n\n
The communiqu\u00e9 said the total revenue distributable for October was drawn from Statutory Revenue of N417.724 billion, VAT of N213.283 billion, and Exchange Gain of N5.775 billion.<\/p>\n\n\n\n
It was also drawn from N100 billion Augmentation from non-oil revenue.<\/p>\n\n\n\n
This brought the total distributable funds for the month to N736.782 billion.<\/p>\n\n\n\n
However, the balance in the Excess Crude Account (ECA) as at Nov. 23 stood at 472,513.64 dollars.<\/p>\n\n\n
The Federation Account Allocation Committee (FAAC) has shared N736.782 billion to the three tiers of government as Federation Allocation for the month of October. This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, Director (Information\/Press), Ministry of Finance, Budget and National Planning on Wednesday. The N736.782 billion is inclusive of Gross Statutory Revenue, […]<\/p>\n","protected":false},"author":2,"featured_media":11057,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949],"tags":[],"class_list":["post-46734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n