22 October 2016, Abuja – The revenue allocation to federal, states and local governments for September dropped by about N90.27 billion, as they shared a total of N420 billion for the month.
About N510.2 billion was shared at the Federation Account Allocation Committee (FAAC) meeting in August.
The permanent secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, said the total revenue available for distribution for the month was N420 billion.
This consists of earnings from statutory sources, N250.95 billion; value added tax (VAT) N64.27 billion; exchange gain, N41.4 billion; excess petroleum profit tax, N63.39 billion and Nigerian National Petroleum Corporation NNPC) refund to the Federal Government N6.33 billion.
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