FAAC: FG, States, Councils Share N593.33b For October

Related stories

OPEC+ Surprises With Oversized Output Hike

OPEC+ will ramp up oil production more aggressively than anticipated...

2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for Tinubu

By Abiola Olawale The All Progressives Congress (APC) in the...

Amid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in Oyo

Kicks Off State-wide Consultations By Abiola Olawale Minister of Power,...

Osun Guber: Davido’s Uncle, Adeleke Quashes Defection Rumours

Says he stands firm with PDP By Abiola Olawale Osun...

Zamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal

Governor Weighs options In what has been described as...

The Minister of State for Finance, Bashir Yuguda, on Tuesday announced that federal, states and local governments had shared N593.33 billion revenue that accrued to the nation in October.

Yuguda made this known in Abuja when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee meeting.
He said that the shared amount comprised statutory revenue of N484.32 billion, N35.55 billion Subsidy Reinvestment and Empowerment Programme funds and N6.33 billion refunded by the Nigerian National Petroleum Corporation.
Other component of the money, according to him, is Value Added Tax amounting to N67.14 billion.

Giving the breakdown of the distribution of the revenue among the three tiers of government, Yuguda said the Federal Government received N224.26 billion, representing 52.68 per cent; and states, N113.75 billion, representing 26.72 per cent.
The local governments, he said, received N87.69 billion, amounting to 20.60 per cent of the distributed revenue.

He also disclosed that N47.12 billion, representing 13 per cent derivation revenue, was shared among the oil producing states.
On VAT, he said that the gross revenue collected for the month increased by N2.03 billion to N67.13 billion as against N65.1 billion recorded in the preceding month.
The minister said that the nation generated N420.03 billion as mineral revenue during the period as against N374.74 billion generated in September, adding that the performance indicated a “marked increase” of N45.29 billion between the two months.
Yuguda said: “The non-mineral revenue for the month of September is N116.66 billion, which when compared to the N127.36 billion generated in August, shows a decrease of N10.7 billion.

“FIRS received N2.47 billion, the Nigerian Customs got N3.83 billion and DPR received N5.17 billion as their cost of revenue collection for the month of September.”
In his comment, the Chairman of the Finance Commissioners Forum, Timothy Odah, said that the states were asking for $2 billion from the Excess Crude Account to enable them complete ongoing projects.
Odah lamented that the states and the local governments were suffering from dearth of fund to carry out meaningful projects at the local levels, adding that there was the need for them to create jobs for the people.
He also said that state governments were still clamouring for total removal of fuel subsidy.
According to him, this has now become necessary considering the fact that there is “no enough money”.

“There is no reason giving out what you do not have,” he said.
On the declining global oil price, Odah said the state governments were aware and stressed that diversification of the economy was necessary to cushion the effect of the development “in the long run”.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
OPEC+ Surprises With Oversized Output Hike2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for TinubuAmid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in OyoOsun Guber: Davido's Uncle, Adeleke Quashes Defection RumoursZamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal$4.2m Covid-19 Scam: Nigerian Pastor Goes to Jail, Osun Monarch, Oloyede Forfeits Assets in US As Crackdown BeginsNatasha Akpoti-Uduaghan: Senate Stipulates Terms for Reinstatement After Court's RulingTinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military Strength
X whatsapp