The Federation Accounts Allocation Committee (FAAC) has disbursed the sum of N671.910 billion among the federal, states and local governments for October.
The allocation for October marked a N68 billion decline from the amount distributed in September 2021.
The acting director, (information), ministry of Finance, Oshundun Olajide, made the disclosure via a statement, noting that the allocation was distributed at the FAAC meeting in Lagos on Wednesday.
In the communique issued by the FAAC at the end of the meeting, the committee disclosed that the gross revenue available from the VAT for the month under review was N166.284 billion as against N170.850 billion distributed in September, resulting in a decrease of N4.566 billion.
Of the amount, inclusive of VAT, augmentations, exchange gain and non-oil mineral revenue, the federal government’s shared amounted to N284.292 billion, states N209.838 billion and the 774 LGAs received N156.282 billion.
According to the communique, oil-producing states got N21.498 billion as a 13 percent derivation of mineral revenue.
“The distribution is as follows; federal government got N23.227 billion, states received N77.422 billion, LGCs got N54.195 billion, transfers and refunds received N4.789 billion and cost of collection got N6.651 billion,” the statement reads
“The distributed statutory revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion.
“Of this, the federal government received N180.551 billion, states got N91.578 billion, local government council got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion.”
The communiqué also disclosed the augmentations of N100 billion — as the federal government received N52.680 billion, states got N26.720 billion, while the LGAs received N20.6 billion.
Also, N50 billion from non-oil revenue was shared as follows: Federal Government received N26.340 billion, states got N13.360 billion and LGCs N10.3 billion.
