The federal, states and local governments Wednesday shared a total of N788.139 billion for the month of October as the Federation Account Allocation Committee (FAAC) meeting ended in Kaduna. The N788.139 billion shared is higher than the N698.710 billion shared the previous month (September).

The Special Adviser to the Minister of Finance, Mr. Paul Ella Abechi, in a statement said the breakdown of the figures released by the Accountant General of the Federation (AGF) shows that the federal government got N284.396 billion, state governments, (N144.249) while the 774 local governments received N111.210 billion.

Oil mineral producing states received N58.092 under the 13 per cent derivation principle while N84.214 billion was disbursed under the Cost of Collection/Transfers/FIRS refund. The AGF, Ahmed Idris revealed that the gross statutory revenue of N682.161 billion received for the month was higher than the N569.281 billion received in the previous month by N112.880 billion.

Source: THIS DAY