The federal, state and local governments on Thursday shared N739.965 billion from the Federation Account Allocation Committee (FAAC) for September 2021.
The sharing was delayed by a standoff with the state governors over the controversial deduction of Paris Club refund consultancy fees deduction.
From the total Distributable Revenue of N739.965bn, the Federal Government received N301.311bn; the state governments N220.272bn, and the local governments N164.176bn.
The sum of N54.206bn was shared to the relevant states as 13% derivation revenue.
This was announced in a communiqué issued at the end of the virtual meeting of the FAAC for October, 2021.
The statement said of the N739.965bn total Distributable Revenue comprised distributable Statutory Revenue of N577.765bn, distributable Value Added Tax revenue of N159.096bn and Exchange Gain of N3.104bn.
In September 2021, the sum of N126.272bn was the total deductions for cost of collection, statutory transfers, savings and refunds. The balance in the Excess Crude Account was $60.860m.
The gross revenue available from the Value Added Tax was N170.850bn. This was lower than the N178.509bn available in the month of August by N7.659bn.
