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FAAC: FG, States, LGs Share N609.96billion

The Federal, States and Local Government shared N609.958billion in November which shows an increase of N77billion when compared to that of October. The Accountant General of the Federation (AGF), Mr Ahmed Idris who represented the Minister of Finance Mrs Kemi Adeosun while briefing newsmen on the outcome of the monthly Federal Account Allocation Committee (FAAC) at the weekend in Abuja said that there were a remarkable increases in revenue from Petroleum Profit Tax (PPT), Import Duty, Companies Income Tax (CIT) Royalty and Value Added Tax (VAT).

 

In summary, Mr Idris said after deductions as cost of collection by FIRS, Customs and DPR, the Federal Government received N248.227 billion, representing 52.68 per cent; states received N125.904 billion and local governments, received N97.067billion. Our Correspondent, Raliat Adenekan reports that he also announced that N43.215 billion representing 13 per cent derivation revenue was also shared among the oil producing states. Commenting on the directive from the National economic council (NEC) to withdraw 1billion dollar from ECA to fight Boko Haram, he said due process would be followed adding that the federal account savings should ordinarily be distributed between the three tiers of government.

 

Speaking on the increment, the Chairman Finance Commissioner Forum, Mamhoud Yunusa, expressed hope that with the figure, the states government will be able to pay workers salaries before Christmas. 

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