FG, States, LGs share N603 billion

The three tiers of government, yesterday, shared a total of N603.444 billion from federally collected revenue for the month of October, which would be used for November expenditure. According to the communiqué issued at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja, the revenue which was distributed from the Federation Account amounted to N440. 472 billion, another N49. 574 billion came from proceeds of the Value Added Tax, VAT, while N113.398 billion was drawn down from the excess crude oil account to augment the revenue which was less than what was budgeted.
The gross revenue which stood at N788.54 billion received in the month under review was lower than the preceding month’s earning of N924.523 billion, which indicated a difference of about N 135.977 billion.
An analysis of the distribution among the three levels of government showed that the federal government took a total of N216. 186 billion; the state government got a total of N130.617 billion; while the 774 local governments were given N98.941 billion.
The nine oil producing states received an additional N44.402 billion, representing the 13 per cent derivation from oil and gas revenue for the month.
The sum of N264.548 billion was transferred into the Excess Crude Account; while the Nigeria Customs Service and the Federal Inland Revenue Service also got N2.488 billion and N2.744 billion representing the cost of collection of revenue within the period under review.

Source: Vanguard Newspaper