The Federation Account Allocation Committee has disbursed N604.004bn to the three tiers of government in October from revenue generated in September 2020.
Permanent Secretary, Ministry of Finance, Budget and National Planning, Aliyu Ahmed, said on Wednesday in a statement by Director for Information, Hassan Dodo, at the end of the Federation Accounts Allocation Committee meeting in Abuja.
According to Ahmed, the N604.004bn shared included cost of collection to Nigeria Customs Service, Department for Petroleum Resources and Federal Inland Revenue Service.
He detailed that the federal government received N220.751bn, states received N161.825bn and local councils got N120.588bn.
Also, the oil-producing states received N31.902bn as derivation (13 per cent of mineral revenue) and cost of collection/transfer and refunds got N48.939bn.
According to a communique by the committee, gross revenue available from the value-added tax for October was N126.463bn. This was against N141.858bn distributed in the preceding month of September, resulting in a decrease of N15.395bn.
The total revenue distributable for the current month was augmented with N72bn and N7.392bn from Forex Equalisation and the federal government’s intervention.
“This is because of low revenue which is to be shared according to the three tiers of government, bringing the total distributable revenue to N604.004bn.
“The balance in the Excess Crude Account as of November 18 stands at $72.409,” the statement added.
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