The Federal Government, States and Local Government Councils shared 671.910 billion naira as Federation Accounts Allocation Committee FAAC for October.
A statement by the Acting Director, Information, Ministry of Finance, Budget and National Planning, Oshundun Olajide, said that the allocation was distributed at FAAC meeting in Lagos at the end of the National Council on Finance and Economic Development conference.
It explained that from the said amount, inclusive of Value Added Tax VAT, augmentations, exchange gain and non-oil mineral revenue, the Federal Government received 284.292 billion naira, states 209.838 billion naira and Local Governments 156.282 billion naira.
It added that oil producing states received 21.498 billion naira as 13 per cent derivation of mineral revenue.
According to it, the communique issued by FAAC at the end of the meeting, indicated that the Gross Revenue available from the VAT for the month under review was 166.284 billion naira as against 170.850 billion naira distributed in September, resulting in a decrease of 4.566 billion naira.
