Minister of Finance, Zainab Ahmed
Minister of Finance, Zainab Ahmed

Federal, states, local govts share N604bn in October — FAAC

NEWS DIGEST – The three tiers of government shared a total of N604bn in the month of October 2020, the Federation Accounts Allocation Committee has said.

FAAC disclosed this 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.

Out of the N604bn, the Federal Government received N220.751n, states got N161.8bn, while the Local Government Areas got N120.58bn.

The communique stated that the oil-producing states received N31.9bn as 13 per cent derivation.

It further stated that the gross revenue that available from the Value Added Tax for October was N126.46bn.

This was against the N141.85bn that was distributed in September 2020, hence VAT in October dropped by N15.39bn when compared to what was recorded in September.

A distributed statutory revenue of N378.14bn was received for the month of October and this was higher than the N341.5bn received in September by N36.64bn.

The communique stated that from this amount, the Federal government received N166.19bn; states, N84.29bn; Local Government Areas, N64.98bn: while 13 per cent derivation was put at N21.58bn.