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FAAC: 3 tiers of govt share N604b as October federation allocation

The Ministry of Finance has disclosed that N604.004 billion was shared among the 3 tiers of government as federation allocation for October, 2020.

Highlights of the federation allocation are as follows:

  • The N604.004 billion shared included the cost of collection to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR), and Federal Inland Revenue Service (FIRS).
  • The Federal Government received N220.751 billion, the States received N161.825 billion, while the Local Government Councils (LGCs) got N120.588 billion.
  • Oil-producing states received N31.902 billion as derivation (13% of mineral revenue) and the cost of collection/transfer and refunds got N48.939 billion.
  • The Federation Accounts Allocation Committee disclosed that gross revenue available from the Value Added Tax (VAT) for October was N126.463 billion.
  • This was against N141.858 billion distributed in the preceding month of September, resulting in a decrease of N15.395 billion.

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