See The Outrageous Amount Shared by FG, States, LGs For August Only

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The Federal Government, states, and local government councils had shared N682 billion as revenue allocation for the month of August.

The Permanent Secretary, Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, disclosed this in a statement issued by the Director of Information in the ministry, Hassan Dodo, at the end of the Federation Accounts Allocation Committee (FAAC) meeting held in Abuja on Friday.

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He said the amount included the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to him, the federal government received N272.9 billion, states got N197.65 billion while local government councils had N147.4 billion.

He added that the oil-producing states received N30.88 billion as 13 percent derivation from mineral resources while Cost of Collection/Transfer and Refund was N33.205 billion.

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Isa-Dutse revealed that the gross revenue available from the Value Added Tax (VAT) for August was N150.23 billion.

This was higher than the N132.61 billion distributed in July by N17.611 billion.

He said: “The distribution is as follows: Federal Government got N20.957 billion, states received N69.857 billion, local government councils got N48.900 billion, while Cost of Collection/Transfer and Refund was N10.51 billion.

“The distributed statutory revenue of N531.83 billion received for the month was lower than the N543.788 billion received for the previous month by N11.958 billion.”

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The post See The Outrageous Amount Shared by FG, States, LGs For August Only appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.


Source: News update

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