Home Money FG, states, LGs shared N639.9bn in September

FG, states, LGs shared N639.9bn in September

Minister of Finance and National Planning Mrs Zainab Shamsuna Ahmed

FRI, OCT 16 2020-theG&BJournal-The three tiers of government shared a total of N639.9billion from the Federation Account in September 2020, according to the Federation Accounts Allocation Committee (FAAC).

The FAAC said Thursday after its October 2020 meeting chaired by the Permanent Secretary, Ministry of Finance, Aliyu Ahmed that the shared N639.901bn comprised of statutory revenue of N341.501billion, Value Added Tax revenue of N141.858bn, N39.542bn from foreign exchange equalisation, N45 billion from non-oil excess revenue and N72bn Federal Government intervention revenue.

The breakdown also shows that the Federal Government received N255.75 billion, State governments received N185.65billion, while the Local Government Councils received N138.44 billion.

It added that N36.19bn was disbursed to oil mineral producing states as 13 per cent mineral revenue, while cost of collection and transfers got N23.88bn.

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