{"id":27706,"date":"2018-10-26T12:11:32","date_gmt":"2018-10-26T11:11:32","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=27706"},"modified":"2018-10-26T12:11:32","modified_gmt":"2018-10-26T11:11:32","slug":"fg-states-lgas-share-n698-71b-for-september","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fg-states-lgas-share-n698-71b-for-september\/","title":{"rendered":"FG, States, LGAs Share N698.71B For September"},"content":{"rendered":"
The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7 billion for the month of September.<\/span><\/div>\n
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The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.<\/span><\/span><\/div>\n
<\/div>\n
Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.<\/span><\/span><\/div>\n
<\/div>\n
A communiqu\u00e9 issued by the Technical Sub-Committee of FAAC showed that the distributable statutory revenue for the month stood at N569.28 billion and the total revenue distributable for the month was N698.7billion.<\/span><\/span><\/div>\n
<\/div>\n
It also showed that the gross revenue available from Value Added Tax (VAT), was N75.9 billion as against N109.9 billion distributed in the preceding month, resulting in a decrease of N33.9 billion.<\/span><\/span><\/div>\n
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\u201cWe are also distributing N50 billion which has accrued from the forex equalisation account to the three tiers of government.<\/span><\/span><\/div>\n
<\/div>\n
\u201cThere is an exchange gain also of N0.275 billion that is included in the distribution.<\/span><\/span><\/div>\n
<\/div>\n
\u201cSo total distributable revenue to the three tiers of government for the month of October 2018 is N698.71 billion,\u201d Ahmed said.<\/span><\/span><\/div>\n
<\/div>\n
In the summary of the distribution, the Federal Government got N265.6 billion from statutory revenue, N11.3 billion from VAT, N0.13 billion from the exchange gain and N22.9 billion from forex equalisation fund, culminating in N300.1 billion.<\/span><\/span><\/div>\n
<\/div>\n
The States got N134.75 billion from statutory revenue, N37.9 billion from VAT, N0.06 billion from the exchange gain and N11.6 billion from forex equalisation fund, culminating in N184.4 billion.<\/span><\/span><\/div>\n
<\/div>\n
The Local Governments got N103.8 billion from statutory revenue, N26.5 billion from VAT, N0.05 billion from the exchange gain and N8.96 billion from forex equalisation fund, culminating in N139.4 billion.<\/span><\/span><\/div>\n
<\/div>\n
Derivation of 13 per cent of mineral revenue amounted to N59.09 billion and cost of collection\/transfer and Federal Inland Revenue Service (FIRS) Refund was put at N15.57 billion.<\/span><\/span><\/div>\n
\u201cCrude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of 8.48 million dollars.<\/span><\/span><\/div>\n
<\/div>\n
\u201cHowever the average unit price dropped from 77.10 dollars to 75.69 dollars.<\/span><\/span><\/div>\n
<\/div>\n
Ahmed said that the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to rework and represent it at the next meeting.<\/span><\/span><\/div>\n<\/p>
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The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7 billion for the month of September. The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting. Giving a breakdown of the revenue accrued …<\/p>\n","protected":false},"author":6,"featured_media":27707,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[714,4824,3384,2466],"coauthors":[2391],"class_list":["post-27706","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-fg","tag-lgas","tag-september","tag-states"],"yoast_head":"\nFG, States, LGAs Share N698.71B For September - National Wire<\/title>\n<meta name=\"description\" content=\"The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7 billion for the month of September.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fg-states-lgas-share-n698-71b-for-september\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG, States, LGAs Share N698.71B For September - 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