Uche Usim, Abuja
The three tiers of government and relevant agencies got N639.901 billion as September subvention from the Federation Accounts Allocation Committee (FAAC).
This was disclosed after the physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October held at the Federal Ministry of Finance headquarters, Abuja.
The meeting, the first in about five months, was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.
The total distributable revenue of N639.901billion comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Forex Equalisation; N45 billion from Non-oil Excess Revenue and N72 billion Federal Government Intervention Revenue.
The gross statutory revenue of N341.501 billion available for the month of September 2020 was lower than the N531.830 billion received in the previous month by N190.329 billion.
The gross revenue of N141.858 billion available from the Value Added Tax (VAT) was also lower than the N150.230 billion available in the previous month by N8.372 billion.