FAAC: FG ,States ,LGs Share N700.235bn In September
The three tiers of government will share N700.235 billion as federation allocation for September 2022.
According to Federation Account Allocation Committee (FAAC), the amount shared was N27.098 billion higher than the sum of N673.137 billion allocated in the preceding month of August.
A communique by Director (Information/Press), Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete said the N700.235 billion comprised Gross Statutory Revenue, Value Added Tax (VAT), and Electonic Money Transfer Levy (EMTL) of N502.135 billion, N189.928 billion and N8.172 billion respectively.
The federal government’s share of the amount was N262.636 billion, the states received N217.191 billion, the local government councils got N160.416 billion, while the oil producing states received N59.992 billion as 13 per cent Mineral Revenue under the Derivation Principle.
