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FAAC Disburses N639.9bn To Three Tiers Of Govt In September

Federation Accounts Allocation Committee (FAAC) disbursed a total of N639.9bn to the three tiers of government as September revenue.

FAAC made this known on Thursday after its meeting which was chaired by the Permanent Secretary, Federal Ministry of Finance, Aliyu Ahmed, at the headquarters of the ministry in Abuja.

According to the communique issued by the committee, the N639.901bn comprised statutory revenue of N341.501bn; Value Added Tax revenue of N141.858bn; and N39.542bn from foreign exchange equalisation.

FAAC Disburses N651.18bn To Three Tiers Of Govt As June Revenue

Others include N45bn from non-oil excess revenue and N72bn Federal Government intervention revenue.

Giving a breakdown, FAAC stated the Federal Government received N255.75bn, State Governments got N185.65bn, while the Local Government Councils received N138.44bn.

It added that N36.19bn was disbursed to oil and mineral producing states as 13 per cent mineral revenue, while cost of collection and transfers got N23.88bn.

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