Federation Revenue Declines By N25.3bn In Oct

The Federal, states and local government in the month of October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.

Mahmoud Isa-Dutse, the permanent secretary of the ministry, said this on Thursday in Abuja while briefing newsmen on the outcome of the monthly Federal Account Allocation Committee, FAAC.

 Isa-Dutse attributed the decline to the decrease in revenue from export sales of 42.94 million dollars due to a decrease in crude oil production by 1.25 million barrels.

In summary, Isa-Dutse said after deductions as cost of collection by FIRS, Customs and DPR, the Federal Government received N205.7 billion, representing 52.68 per cent; states and N104.3 billion, representing 26.72 per cent.

The local governments, he said, received N80.4 billion, amounting to 20.60 per cent of the amount distributed.

Isa-Dutse announced that N40.8 billion representing 13 per cent derivation revenue was also shared among the oil producing states.

 

(NAN)

You should also read

Sign up for our Newsletter

Enter your email and stay on top of things,

Subscribe!