The Federation Accounts Allocation Committee, FAAC, on Wednesday shared a total of N702.058 billion to the three tiers of government for the month of October.
A communique read by the Accountant General of the Federation, Mr. Ahmed Idris after the FAAC meeting in Abuja, said that the shared amount comprised revenue from Value Added Tax, VAT, Exchange Gain and Gross Statutory Revenue.
According to him, the federal government received N295.7 billion; while the states and local governments got N192.697 billion, and N144.9 billion respectively.
Idris explained that oil-producing states received additional N49.1 billion as 13 per cent derivation revenue and the revenue generating agencies got N19.472 billion as cost of revenue collection.
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The Accountant General, disclosed that the gross statutory revenue for the month of October 2019 which stood at N596.041 billion, was lower than the N599.701 billion received in September by N3.660 billion.
According to him, revenue from VAT was N104.910 billion as against N92.874 billion disbursed in the preceding month with an increase of N12.036 billion recorded.
He said that from VAT, the federal government received N15.107 billion, the States got N50.357 billion, the local governments received N35.250 billion, while the revenue generating agencies had N4.196 billion.
He acknowledged that for the month of October, revenues from Companies Income Tax, CIT, VAT and import duty increased remarkably, while Royalties, Petroleum Profit Tax, PPT, and Excise Duty decreased significantly.
Meanwhile, Idris revealed that as at November 20, the balance in the Excess Crude Account stood at $324 million.
