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FG, States, LGs Share N699bn For September [Breakdown]

The Federal Government, 36 States and the FCT, as well as 774 Local Governments on Thursday shared N698.7 billion for the month of September.

The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.

Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.

A communiqué issued by the Technical Sub-Committee of FAAC showed that the distributable statutory revenue for the month stood at N569.28 billion and the total revenue distributable for the month was N698.7billion.

It also showed that the gross revenue available from Value Added Tax (VAT), was N75.9 billion as against N109.9 billion distributed in the preceding month, resulting in a decrease of N33.9 billion.

“We are also distributing N50 billion which has accrued from the forex equalisation account to the three tiers of government.

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