Business FAAC: How FG, States, LGs Share N558bn for Sept [See BREAKDOWN]



The Federation Account Allocation Committee (FAAC) yesterday shared N558 billion to the three tiers of government being revenue for the month of September 2017.

Minister of Finance, Mrs Kemi Adeosun, said the gross statutory revenue of N423.961bn received for the month was lower than the N550.992bn received in the previous month by N127.023 billion.

The minister, who was represented by the Accountant General of the Federation Ahmed Idris at the meeting yesterday in Abuja, said there was a significant increase in revenue from export sales of $176.4 million due to an increase in crude oil production by 4.12million barrels.

Giving the breakdown BELOW:

- Federal Government received N210.051bn inclusive of Value Added Tax (VAT),

- states got a total of N140.447bn

- local governments received a total of N107.441 billion including VAT.


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