Amount Shared By FG, States Falls By 80 Billion Naira In September
Despite Nigeria having emerged from recession and rising crude oil prices, the amount of money available for sharing between the 3 tiers of government continues to dwindle.
For the month of September, the Federal, States and Local Governments shared 558.082 billion naira, 80 billion naira less than the 637.704 billion naira they shared in August.
The Accountant-General of the Federation, Ahmed Idris made this known at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting in Abuja.
According to him, the 558 billion naira includes proceeds from Value Added Tax (VAT).
He said it also comprised of 83.315 billion naira from Valued Added Tax (VAT) and another 50.806 billion naira from Forex Equalisation Account.
A breakdown of the communique read to newsmen at the end of the meeting showed that the Federal Government received N198.054 which is 52% of the total money shared.
The states, on the other hand, received 100.456 billion naira or 26.72%, while Local governments got 77.447 billion naira, representing 20.60% of the sum.
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