Monday

FAAC: How FG, States, LGs Shared N455Bn Allocation For October


Minister of Finance, Mrs. Kemi Adeosun said Federal, state governments and the local councils shared N455 billion in October from the federation account.

The 36 states of the federation shared N111.8 billion in October, less than the N143.6 billion shared in September from the Federation Account by N31.8 billion.

The breakdown forms part of a report obtained by the News Agency of Nigeria from a source at the Office of the Accountant-General of the Federation in Abuja on Sunday.

The report showed that the revenue allocated for each state in October was less than what they got from the federation account in September.

The Minister of Finance, Kemi Adeosun, represented by the Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, at the last FAAC meeting, attributed the low revenue earnings of the month to the decline to the loss of $45.5 million in Federation Export sales, while shut- in and shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue.

The decrease in volume of dutiable imports receipts from Joint Venture Cash Call, Foreign Companies Income Tax and Value Added Tax were other reasons given.

The revenue distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N63.3 billion excess

Petroleum Profit Tax and 13 per cent derivation to oil- producing states. The oil-producing states are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers.

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