FAAC: Federal, States, LGAs share N693.529bn for September

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By Paul Williams, Abuja

The Federal Account Allocation Committee (FAAC) has shared to the federal, states and local governments a total sum of N693.529 billion as federal allocation for the month of September, 2019.

The accountant general of the federation, Mr. Ahmed Idris, revealed this in Abuja, while addressing newsmen at the Federation Accounts Allocation Committee (FAAC) meeting.

He said the shared amount comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

Our correspondent reports that the accountant general further disclosed that the Excess Crude Account (ECA) balance stood at $ 323.692 million, adding that revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased significantly, while royalties increased considerable.