Allocations For September Drop By N90.2bn As Fg, States, Lgs Share N420bn
SAN FRANCISCO, October 21, (THEWILL) – The federal, state and local governments have shared the sum of N420 billion for September, indicating a decline of N90.2 billion from the N510.270 billion that was shared by the three tiers of government as August allocation.
While net statutory allocation was N315.045 billion in August, it declined to N250.947 billion in September. The decrease in revenue cuts for September allocations also affected both statutory revenue, Value Added Tax, VAT, and customs duty collections as VAT, which was N75.962 billion in previous month, also came down to N64.265 billion in September.
Addressing newsmen at the end of the Federation Account Allocation Committee, FAAC, meeting in Abuja on Thursday, the Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse said there was a decrease of crude oil for export in the month of June by 1.15 million barrels due to attacks on oil assets.
Out of the net statutory allocation, the federal government got the highest sum of N120.351 billion, states N61.044 billion while local governments received N47.062 billion.
Oil producing states received the sum of N13.729 billion as their share of the 13 per cent derivation.
Meanwhile, the balance in the Excess Crude Account, ECA, was put at $2.454billion.