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FG, states, LGAs share N760bn for September



Nigerian govt to increase military funding

The federal government, states, and local councils on Thursday shared N760billion as revenue allocation for September.

The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja.

A breakdown of the figure revealed that N502.135 billion was for statutory revenue, N189.928 billion for Value-Added Tax (VAT), and N8.172 billion for Electronic Money Transfer Levy (EMTL).

The federal government received N294.244 billion, the states got N233.223 billion and the local councils collected N172.776 billion.

READ ALSO: FG, states, LGAs share N954.085bn for July

The oil-producing states also received N59.992 billion as 13 percent derivation from mineral revenue during the month.

According to the communiqué, the gross revenue available from VAT in September was N189.928 billion.

From the figure, the federal government got N28.489 billion, the states collected N94.964 billion and local councils took N66.475 billion.

From the gross statutory revenue of N502.135 billion, the federal government took N232.921 billion, states collected N118.141 billion while the local councils pocketed N91.081 billion.

FAAC revealed that the balance in the Excess Crude Account (ECA) as of October 26 was $472,513.64.

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