FAAC: FG, States, LGs Share ₦604bn In October

FAAC: FG, States, LGs Share ₦604bn In October

The three tiers of government shared a total of ₦604bn in the month of October 2020.

This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique it issued in Abuja after its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed.

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Out of the ₦604bn, the Federal Government received ₦220.751n, states got ₦161.8bn, while the Local Government Areas got ₦120.58bn.

The communique stated that the oil-producing states received ₦31.9bn as 13 per cent derivation.

It further stated that the gross revenue that available from the Value Added Tax for October was ₦126.46bn against the ₦141.85bn that was distributed in September 2020, hence VAT in October dropped by ₦15.39bn when compared to what was recorded in September.

A distributed statutory revenue of ₦378.14bn was received for the month of October and this was higher than the ₦341.5bn received in September by ₦36.64bn.

The communique stated that from this amount, the Federal government received ₦166.19bn; states, ₦84.29bn; Local Government Areas, ₦64.98bn: while 13 per cent derivation was put at ₦21.58bn.

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Aina Adepeju is a Mass Communication graduate. She loves photography, she is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

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