The federation accounts allocation committee (FAAC) has shared a total of N671.910 billion for October 2021 federation account revenue to the federal, states and local governments councils.
This was contained in a communiqué issued at the end of the federation account allocation committee (FAAC) meeting for November, 2021 held in Lagos state.
The N671.910 billion total distributable revenue comprised distributable statutory revenue of N363.849 billion, distributable value added tax (vat) revenue of N154.844 billion, exchange gain of N3.217 billion and n150 billion augmentation from the non-mineral revenue.
The federal government received N284.292 billion, the state governments received N209.838 billion, and the local government councils received N156.282 billion.
The sum of N21.498 billion was shared to the relevant states as 13% derivation revenue.
In October 2021, the sum of N24.591 billion was the total deduction for cost of collection and N30.864 billion was total deduction for statutory transfers, savings and refunds.
The balance in the excess crude account (ECA) was $60.860 million.
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