FAAC: Federation revenue declines by N25.3bn in Oct

The Federal, States and Local Government in the month of October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.

The Permanent Secretary of the Ministry, Mr Mahmoud Isa-Dutse said this on Thursday in Abuja while briefing newsmen on the outcome of the monthly Federal Account Allocation Committee (FAAC).

Isa-Dutse attributed the decline to the decrease in revenue from export sales of 42.94 million dollars due to a decrease in crude oil production by 1.25 million barrels.

In summary, Isa-Dutse said after deductions as cost of collection by FIRS, Customs and DPR, the Federal Government received N205.7 billion, representing 52.68 per cent; states and N104.3 billion, representing 26.72 per cent.

The local governments, he said, received N80.4 billion, amounting to 20.60 per cent of the amount distributed.

Isa-Dutse announced that N40.8 billion representing 13 per cent derivation revenue was also shared among the oil producing states. (NAN)