FG, States and local Govts share N420BN for October

FG, States and local Govts share N420bn for October

FG, States and local Govts share N420BN for October

Federal, states and local governments have jointly shared revenue Totalling N420 billion from the federation account for the month of October.

The revenue shared is the same as that of September.

The statutory revenue is put at N203.9 Billion, value added tax (N69.6 billion), NNPC refund (N6.3 billion), foreign exchange gain (N37.3 billion), petroleum profit tax (N109.1 billion).

Federal government received N96.67 billion, state governments (N49 billion), local governments (N37.8 billion) and N13.5 billion as 13 per cent derivation to the oil producing states.

Finance minister, Kemi Adeosun, speaking after the monthly meeting of the federation account allocation committee Wednesday night in Abuja, blamed the low revenue on the shut in of over  900,000 barrels of crude oil during the month of October.

She blamed the loss of the 900,000 barrels on maintenance, repair and militants attacks on strategic pipelines for the low revenue recorded in October.

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