FG, States, LGCS Share N739.96bn For Sept

The Federation Accounts Allocation Committee FAAC has shared to the three tiers of government, 739.965 billion naira as federation allocation for September.

According to a statement from Deputy Director Information, Ministry of Finance, Budget and National Planning Oshundun Olajide, the meeting was held through a Virtual Conference.

However, the oil producing states received 54.206 billion naira as derivation,13 per cent of Mineral Revenue.

The communique issued after the meeting indicated that the Gross Revenue available from VAT for September was 170.850 billion naira distributed in the preceding month, resulting in a decrease of 7.659 billion naira.

The communique further revealed that Petroleum Profit Tax PPT, Oil and Gas Royalties and Excise Duty increased significantly, while Import Duty and VAT and Companies Income Tax CIT, decreased marginally.

It, however, disclosed that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of 577.765 billion naira, VAT of 159.096 billion naira, and Exchange Gain of 3.104 billion naira.

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