FG, states, LGs share N702.058 for October 2019

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The Federation Accounts Allocation Committee (FAAC) has shared a total of N702.058 billion to the three tiers of government for the month of October 2019.

This was announced at the FAAC meeting on Wednesday, chaired by the Accountant General of the Federation, Ahmed Idris, FCNA, a communiqué made available to newsmen in Abuja stated.

The N702.058 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

The FAAC announced that as at 20th of November, 2019, the balance in the Excess Crude Account was $24million, the communiqué said.

“The gross statutory revenue for the month of October 2019 was N596.041billion. It was lower than the N599.701 billion received in the previous month by N3.660 billion.

“Revenue from Value Added Tax (VAT) was N 104.910 billion as against N92.874 billion distributed in the preceding month, resulting in an increase of N12.036 billion. Exchange gain yielded a total revenue of N1.107 billion,” it stated.

The communiqué issued by the Federation Account Allocation Committee (FAAC) further indicated that from the total revenue of N702.058 billion, the Federal Government received N295.737 billion, the States received N192.697 billion, and the Local Government Councils received N144.987 billion.

The Oil Producing States received N49.164 billion as 13% derivation revenue and the Revenue Generating Agencies received N19.472 billion as cost of revenue collection, it added.

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