Tuesday, September 20, 2016
N510.27Bn Shared by FAAC for Three Tiers of Government
THE Federation Account Allocation Committee FAAC distributed the sum of N510.27 billion among the three tiers of government in September 2016.
The distributed amount is the statutory allocation for the month of August.
Finance Minister Mrs. Kemi Adeosun who chaired the meeting gave the breakdown of how the statutory revenue was shared among the three tiers of government for August.
She said the Federal Government got N149.31 billion, while states received N75.73billion and local government received N58.38billion.
The Finance Minister put the revenue for Value Added Tax (VAT) at N72.92 billion for August.
She noted that the Federal Government collected N10.93 billion; states N36.46 billion; and the local governments, N25.52billion.
She added that there was an exchange gain of N84.26billion.
Adeosun said the sum of N6.330 billion refunded to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) was also distributed.
She added that the gross statutory revenue of N315.04 billion received for the month was higher than the N287.81 billion received in the previous month by N27.22 billion.
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