A statement issued by Head, Press and Public Relations, Office of the Accountant-General of the Federation, Mr. Oise Johnson, has revealed that The Federal Government, States and Local Governments, on Wednesday shared N788.139 billion as federal allocation for the month of October, at the Federal Account Allocation Committee (FAAC) meeting held in Kaduna.


According to Johnson, there was a rise in gross statutory revenue for the current month by N112.880 compared to the previous month, adding that statutory earnings rose from N569.281 billion to N788.139 billion.


Johnson said a communiqué signed by the Accountant-General of the Federation, Mr Ahmed Idris was issued at the end of the meeting, “The communiqué issued by the Technical Sub -Committee of FAAC indicates that the gross statutory revenue received is N682.16 billion which is higher than the N569.281 billion received in the previous month by N112.88 billion.


Crude oil export sales rose by 0.82 million barrels, leading to increase in revenue to the federation of $54.19 million, Idris said.


"However, the average unit price declined further from $75.69 to $73.92."


"The distributable statutory revenue for the month was N682.16 billion, while, the total revenue distributable for the current month (including Value Added Tax (VAT) and Exchange Gain Difference) was N788.139 billion."


In the breakdown of the distribution, the FG received N284.3 billion from statutory revenue, N15.14 billion from VAT, N0.372 billion from the exchange gain, resulting in N299.9 billion.


The states got N144.2 billion from statutory revenue, N50.48 billion from VAT, N0.18 billion from the exchange gain, culminating in N194.9 billion.


The LGAs received N111.2 billion from statutory revenue, N35.3 billion from VAT, N0.145 billion from the exchange gain, culminating in N146.6 billion.


Reports of revenue collection agencies and military pensions were read and adopted at the meeting. The next FAAC meeting has been slated for mid-December in Abuja.