The Federal, States and Local Governments have shared N739. 965 billion as revenue earned in the month of September.
This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) in October.
The N739.965 billion total Distributable Revenue comprised distributable Statutory Revenue of N577.765 billion, Value Added Tax (VAT) revenue of N159.096 billion and Exchange Gain of N3.104 billion.
The communiqué disclosed that from the total Distributable Revenue of N739.965 billion, the Federal Government got N301.311 billion, the State Governments received N220.272 billion, while the Local Government Councils had N164.176 billion.
The sum of N53.831billion was given to the oil producing states as 13% derivation revenue.
It was learnt that last week’s meeting had agreed on all indices and sharing concluded but for the issue of the deductions from the allocations of the states and the LGs, which brought the stalemate.
The suspension of the deductions, sources said was to enable the parties “sort things out” before a conclusive action would be taken at subsequent FAAC meetings.
Source - Vanguard News (online)
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