The federal, state and local governments have shared at least N671.910 billion as federation allocation for the month of October 2021.
A communique issued at the end of the Federation Account Allocation Committee (FAAC) meeting held at the end of the National Council on Finance and Economic Development conference in Lagos indicated that there was a N100bn augmentation.
The communique said the N671.910bn is inclusive of Value Added Tax (VAT), augmentations, exchange gain, and non-oil mineral revenue,
The breakdown shows that the federal government received N284.292bn, the states received N209.838bn, the local government councils got N156.282bn while the oil-producing states received N21.498bn as derivation (13% of mineral revenue).
It further indicated that the Gross Revenue available from VAT for October 2021 was N166.284bn, as against N170.850bn distributed in the preceding month of September 2021, resulting in a decrease of N4.566bn.
The distribution is as follows; the federal government got N23.227bn, the states received N77.422bn, while the local government councils got N54.195bn.
Transfers and Refunds received N4.789bn, and Cost of Collection got N6.651bn.
The distributed Statutory Revenue of N407.864bn received for the month was lower than the N692.283bn received for the previous month by N284.419bn, from which the Federal government received N180.551bn, States got N91.578bn, LGCs got N70.603bn, Derivation (13% Mineral Revenue) got N21.118bn, Cost of Collection received N17.940bn and Transfers and Refunds got N26.075bn.
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