FAAC: 3 tiers of government shared N604 billion as federation allocation for October.

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Ministry of Finance has disclosed that N604.004 billion was shared among the 3 tiers of government as federation allocation for October.

Highlights:
The N604.004 billion shared included the cost of collection to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR), and Federal Inland Revenue Service (FIRS).

The Federal Government received N220.751 billion, the States received N161.825 billion, while the Local Government Councils (LGCs) got N120.588 billion.

Oil-producing states received N31.902 billion as derivation (13% of mineral revenue) and the cost of collection/transfer and refunds got N48.939 billion.

The Federation Accounts Allocation Committee disclosed that gross revenue available from the Value Added Tax (VAT) for October was N126.463 billion. This was against N141.858 billion distributed in the preceding month of September, resulting in a decrease of N15.395 billion.