FAAC: FG, States, LGs Shares N558bn

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

Minister of Finance, 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 in Abuja on Tuesday 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, 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.

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