The Federation Accounts Allocation Committee (FAAC), today at its meeting held at the end of National Council on Finance and Economic Development conference held at Lagos, shared to the three tiers of government, a total sum of N671.910 billion as federation allocation for the month of October, 2021.
From this amount, inclusive of Value Added Tax (VAT), Augmentations, Exchange Gain and Non-Oil Mineral Revenue, the Federal Government received N284.292 billion, the States received N209.838 billion, the Local Government Councils got N156.282 billion while the oil producing states received N21.498 billion as derivation (13% of Mineral Revenue).
The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October, 2021 was N166.284 billion as against N170.850 billion distributed in the preceding month of September, 2021, resulting in a decrease of N4.566 billion. The distribution is as follows; Federal Government got N23.227 billion, the States received N77.422 billion, Local Government Councils got N54.195 billion, Transfers and Refunds received N4.789 and Cost of Collection got N6.651 billion.
The distributed Statutory Revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion, from which the Federal government received N180.551 billion, States got N91.578 billion, LGCs got N70.603 billion, Derivation (13% Mineral Revenue) got N21.118 billion, Cost of Collection received N17.940 billion and Transfers and Refunds got N26.075 billion.
