By Omodele Adigun
The Federation Account Allocation Committee (FAAC) has shared N2.103 trillion out of the federal revenue in September among the three tiers of government.
The amount represents a 16 per cent increase over the N1.813 trillion revenue shared in August.
The committee disclosed this in a communiqué issued at the end of its monthly meeting in October.
It said the total gross revenue of N3.054 trillion was available in the month, from which the total deduction for cost of collection was N116.149 billion, while total transfers, interventions, refunds and savings was N835.005 billion.
The committee said N2.103 trillion was the distributable revenue available, out of which the distributable statutory revenue was N1.239 trillion, distributable Value Added Tax (VAT) revenue was N812.593 billion, while the distributable Electronic Money Transfer Levy (EMTL) revenue was N51.684 billion.
It said that from the N2.103 trillion total distributable revenue, the Federal Government received N711.314 billion, the state governments received N727.170 billion, while the local government council received N529.954 billion.
The sum of N134.956 billion (13% of mineral revenue) was shared to the beneficiary states as derivation revenue.
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