The Federation Accounts Allocation Committee (FAAC) has released the sum of N702.05 billion for October 2019 monthly allocations to the Federal Government, States and Local Governments on Wednesday.
The allocation was confirmed by the Accountant-General of the Federation, Ahmed Idris, at the end the meeting which was held at the headquarters of the ministry of finance.
The N702.05bn, according to him, was distributed under three major revenue sources. They are the Value Added Tax, where the sum of N104.91bn was allocated, Exchange Gain where the sum N1.107 was distributed, and Gross Statutory Revenue, which was the distribution of N596.04bn.
Out of the N702.05bn, the Federal Government received N295.737bn, states got N192.69bn, and the Local Government Councils N144.98bn.
He Added that the oil-producing states received N49.16bn, based on the derivation principle of 13 per cent.
Also, the AGF said the revenue-generating agencies received N19.47bn being the cost of revenue collection.
“The gross statutory revenue for the month of October 2019 was N596.041bn.
“It was lower than the N599.7bn received in the previous month by N3.660bn. Revenue from VAT was N 104.91bn as against N92.87bn distributed in the preceding month, resulting in an increase of N12.03bn.
He said that in October, revenues from Companies Income Tax, Value Added Tax and import duty increased remarkably, while Royalties, Petroleum Profit Tax and Excise Duty decreased during the period.
On the Excess Crude Account, he put the balance as of November 20 at $324m.
On the minimum wage payment, he said the government was aware of its responsibilities and the respective committees had been working on its implementation.
He said very soon, the full implementation would commence.