FAAC Monitor: FG, states, LGs share N532.7 billion in October

by YWriter

State, Local and Federal government shared N532.7 billion as allocation for the month of October. This shows a N25.3 billion decline when compared to what was shared in September.

The decline is due to the decrease in revenue from export sales of $42.94 per barrel, this is according to Mr. Isa-Dutse, the permanent secretary of the Ministry of Finance. The permanent secretary said that after deductions as cost of collection by FIRS, Customs and DPR, the federal government received N205.7 billion representing 52.68 per cent; states got N104.3 billion representing 26.72 per cent, the local governments received N80.4 billion, representing 20.60 per cent of the amount distributed. N40.8 billion representing 13 per cent derivation revenue was also shared among the oil producing states.

Mr. Isa-Dutse also said that the country generated N317.2 billion as mineral revenue and 124.4 billion as non mineral revenue


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