Three Tiers Of Govt Share N736.7bn Revenue For October 2022
The three tiers of government have shared revenue totaling N736.782 billion from the federation account for the month of October 2022.
The revenue was lower than N825.7 billion, shared for the month of September 2022.
The revenue shared was contained in a communique, issued at the end of the monthly meeting of the Federation Account Allocation Committee (FAAC), on Wednesday in Abuja.
The distributed revenue, include statutory revenue (N417.7 billion), value added tax (N213.2 billion), foreign exchange differential (N5.77 billion), as well as N100 billion augmentation from the non oil revenue.
Federal government was allocated N293.95 billion, 36 state governments (N239.5 billion), while 774 local governments received N17.7 billion.
Also, oil producing states got additional N26.2 billion as 13 percent derivation, while revenue generating agencies received N33.5 billion.
N186.74 billion was also allocated as total deduction for saving, transfer and refund.
The total fund left in the excess crude oil account was $472.57 million.