FG, States, LGs Share N648. 7bn in September

The Federal, states and local governments shared a total of N648.710bn being revenue for the month of September 2018.

The breakdown show that gross statutory revenue for the month was N569.281bn which was lower than the N627.139 billion shared in August by N57.858 billion.

During the monthly Federation Account Allocation Committee (FAAC), the Minister of Finance, Mrs Zainab Shamsuna Ahmed, stressed on the need for the three tiers of government to save.

The communique issued by the Technical Sub-Committee of FAAC and signed by the Accountant-General of the Federation, Ahmed Idris put the distributable statutory revenue for the month at N569.281bn and the total revenue distributable for the month at N648.710bn.

The breakdown for the month of September shows that the gross revenue available from the VAT was N79.154bn as against N114.542bn distributed in the preceding month, resulting in a decrease of N35.388 billion.

The report also indicated that while the federal government got N277.197 billion, the state and local governments got N172.810 billion and 130.534 billion respectively. Derivation (13% of mineral revenue) amounts to N52.596 billion and cost of collection/transfer and FIRS Refund was put at N15.572 billion.

“The distributable Statutory Revenue for the month is N569.281 billion. The total revenue distributable for the month (including VAT and Exchange Gain Difference) is N648.710bn” the communique stated.

A statement by the special adviser to the minister of finance on media and communications, Mr Paul Ella Abechi, said the Minister tasked members of the committee on the need to maintain transparency and instill a saving culture for the rainy day.

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