The Federation Accounts Allocation Committee (FAAC)has shared N739.965 billion between Federal, States and Local Governments for September.
This was contained in a statement released by Director ,Information,Press and Public Relations,Henshaw Ogubike after a virtual meeting on Thursday.
The Ministry also revealed 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.
The communiqué confirmed that from the total Distributable Revenue of N739.965 billion, the Federal Government received N301.311 billion, the State Governments received N220.272 billion, and the Local Government Councils received N164.176 billion. The sum of N54.206 billion was shared to the relevant States as 13% derivation revenue.
The distributable Statutory Revenue of N577.765 billion was available for the month. From this amount, the Federal Government received N276.008 billion, the State Governments received N139.995 billion and the Local Government Councils received N107.930 billion. The sum of N53.831billion was given to the relevant States as 13% derivation revenue.
The sum of N4.920 billion allocation to NEDC and N6.834 billion cost of revenue collection were deducted from the N170.850 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N159.096billion.
From the N159.096billion distributable Value Added Tax (VAT) revenue, the Federal Government received N23.864 billion, the State Governments received N79.548 billion and the Local Government Councils received N55.684 billion.
The Federal Government received N1.438 billion from the Exchange Gain revenue of N3.104 billion. The State Governments receive N0.729 billion, the Local Government Councils received N0.562 billion and N0.375 billion was shared to the relevant States as 13% derivation revenue.
