FAAC: FG, States, LGs share N558bn for September


The Federation Account Allocation Committee (FAAC) Tuesday shared N558 billion to the three arms of government as revenue for the month of September 2017.

According to the Minister of Finance, Mrs Kemi Adeosun, 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 a meeting yesterday in Abuja, noted that 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.

She said the Federal Government received N210.051bn inclusive of Value Added Tax (VAT), the states got a total of N140.447bn, while the local governments received a total of N107.441 billion including VAT.

Federal Inland Revenue Service (FIRS) generated N97.520bn for the month of September and received its 4 percent cost of collection, which amounted to N3.820bn.

The Nigeria Customs Service (NCS) generated N50.815bn for the month of September and also took its 7 per cent cost of collection, which was N3.557bn.

The Department of Petroleum Resources (DPR) generated N80.361bn for the same month and also received its 4 per cent cost of collection, which was N3.214bn.

There was a refund of N2bn to the FIRS by the federation account allocation committee.

In August, a total of N637.704 billion was distributed as federal allocation among the Federal Government, State Governments and Local Government Councils for the month.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.


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