Three tiers of government share N420BN allocation for September

Federal, State and Local Governments have shared revenue totaling N420 billion as their allocation from the federation account for the month of September.

The revenue shared was N96.2 billion lower than N510.3 billion shared for the month of august.

Federal government receives N120.4 billion, 36 states (N61 billion) 774 Local Governments (N47 billion) and N13.7 billion for the 13% derivation to oil producing states.

Finance minister, Kemi Adeosun, who announced this to newsmen in Abuja, at the end of the monthly meeting of the federation account allocation committee, said n250.9 billion came from distributable statutory revenue, and n6.3 billion from NNPC refund.

Also contributing to the shared revenue are N63.4 billion from the excess petroleum profit tax account, N41.4 billion from foreign exchange gain and N64.2 billion from the value added tax.

Adeosun blamed the lower revenue on militant attacks in the Niger Delta Region, the  drop in revenue from the company income tax, and the value added tax.

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