The three tiers of government has shared revenue totalling n702. 05 billion from the federation account as their statutory allocation for the month of October
The allocation is lower than n599.7 billion revenue they shared for the month of September
Accountant general of the federation, Ahmed Idris, announces this at the end of the monthly meeting of the federation account allocation committee in Abuja
Out of the n702 billion, federal government recieves n295.7 billion, 36 state governments (n192.6 billion) and n144.9 billion for the 774 local government
Oil producing states receive additional n49.1 billion as 13 per cent derivation, while revenue collection agencies got n19.4 billion for their efforts
The component of the shared revenue, include 104.9 billion from the value added tax, n1.01 billion from the foreign exchange gains as well as n596.04 billion from gross statutory revenue
The fund in the excess crude oil account as at last November 20, according to the accountant general of the federation, was $342 million..